Morning Report Thursday 14 January 2016
Another scary night on Wall Street with the Dow down close to 400 points at around 6am AEST.
Please excuse this morning report again being centered around the markets in general but this degree of volatility from the world indices requires focus to ensure something "left field" is not occurring.
It's time to remember the target levels Market Matters discussed in the weekend report before panicking.
The broad US Russell 3000 Index (98% of US stocks) is now only 2% from our targetted 1090 area - see chart 1.
The mostly traded and followed US S&P500 Index is still ~2.6% away from our ideal 1840 area - see chart 2.
These targets imply one more poor night from overseas markets which may not end that way and the US indices should start to rally.
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