Good Morning,
Yellen speaks, markets go up?
Yellen, did you have a strong coffee last night and a red bull to go with it?
Don't bet on the end of the bull market just yet…..
US Markets rallied last night (Dow Jones +113 points), as commodities continued to run…..
In London, Anglo American +11%, Rio +6.4%, BHP +6.3%, Glencore +6.2%...
Some big moves, right?
While Wall Street's average year-end target for the S&P 500 is just 2 per cent higher than where it closed last week, technical strategists at HSBC Holdings say stocks are poised for a move higher.
Two major components of the S&P 500 could break out, according to the note sent out by Murray Gunn and team. They are industrials and the "FANG" stocks, composed of Facebook, Amazon.com, Netflix and Alphabet.
so it looks like the tech bull has more to go according to our friends at HSBC…..
What's on today?
RBA rate decision, AIG performance of construction May.
Will the RBA cut rates today…. Highly unlikely………..
Overseas data: US productivity and costs (1Q, revisions), US consumer credit (April), China foreign reserves (May), Euro-area GDP (1Q), German industrial production (April), Halifax UK house prices (May), Hong Kong foreign reserves (May), Taiwan CPI (May), Taiwan imports, exports, trade balance (May), South Africa gross and net reserves (May), South Africa business confidence (May), Israel foreign currency balance (May).
Overseas earnings: Valeant Pharmaceuticals, Michaels Cos, Lukoil.
The SPI is up 14 points this morning.
Niv Dagan is an Executive Director of Melbourne based boutique funds management and corporate advisory firm, Peak Asset Management (www.peakassetmanagement.com.au). He is also a regular financial commentator on Sky Business.
By Niv Dagan
