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It’s a story more worthy of note for our sibling publication The Daily Reckoning, but we thought we’d mention it anyway. Bloomberg News tells us that Home-Safe Sales Surge as a greater number of people distrust the safety of banks.
We aren’t quite sure how we should react to a story like that. Do we disregard it as irrelevant? Or do we see this as another example of an over-reaction by investors that surely means the market is at or near the bottom?
Definitely the energy sector. Don’t worry about falling oil. Energy’s already oversold.
Here’s why.
For a start, the long-term bullish trend is still going on in the Energy Index (XEJ). Indeed, despite choppy markets and two false breaks occurred in August 2007 and late January 2008, the support line that backs that bullish trend is still valid.
It’s a stubborn little fellow.
| All Ords | 3513.10 | |
| ASX200 | 3523.20 | |
| NZX50 | 2714.59 | |
| DJIA | 8286.72 | |
| NASDAQ | 1481.04 | |
| S&P 500 | 851.55 | |
| Ftse 100 | 4131.22 |
| Name | Previous Day's Close | % Change |
| All Ordinaries | 3639.50 | - 2.38 |
| S&P/ASX 200 | 3653.00 | - 2.60 |
| Aus Dollar | 64.93 | 0.35 |
| Name | Yesterday's Close | % Change |
| DJIA | 8273.58 | - 2.70 |
| FTSE 100 | 4132.16 | - 2.44 |
| Nikkei 225 | 8522.58 | 0.71 |
| Shanghai | 2030.48 | 2.17 |
| CSI 300 | 1987.22 | 2.19 |
| Gold | 737.09 | - 0.73 |
| Crude Oil (BRENT FUTR) | 55.00 | - 3.71 |
| Symbol | Name | Price | % |
| CCL | Coca-Cola Amatil.. | 9.31 | +12.84% |
| MCW | Macquarie Countr.. | 0.40 | +8.1% |
| ERA | Energy Resources.. | 16.90 | +6.96% |
| BXB | Brambles | 7.99 | +5.27% |
| GMG | Goodman Group | 1.14 | +5.06% |
| Symbol | Name | Price | % |
| AIO | Asciano Group | 1.28 | -17.1% |
| KCN | Kingsgate Consol.. | 2.86 | -15.39% |
| MMG | Macquarie Media .. | 0.92 | -14.82% |
| BNB | Babcock & Brown | 0.41 | -14.59% |
| BBI | Babcock & Brown.. | 0.06 |
-13.44%
|
| Coca-Cola Amatil | CCL |
| Adelaide Brighton | ABC |
| Austin Engineer | ANG |
| Babcock & Brown | BNB |
| C'wlth Bank of Aust | CBA |
| Hutchison | HTA |
| Minara Res | MRE |
| Mount Gibson Iron | MGX |
| National Aust Bank | NAB |
| Date | Release |
| Nov 18 | Aus RBA Board Minutes (Nov) |
| Nov 18 | US Producer Price Index (Oct) |
| Nov 19 | Aus New Motor Vehicle Sales (Oct) |
| Nov 19 | US Consumer Price Index (Oct) |
| Nov 19 | US Housing Starts (Oct) |