Morning Report Tuesday Melbourne Cup Day 3rd November 2015
Recent historical statistics should help us relaxGood morning everyoneOverviewAfter the ASX200 was hammered 1.4% yesterday and seeing the Dow rally another 165 points we thought today we would start today’s report with something positive for Australia - The Melbourne Cup!We like Fame Game a lot, but who doesn't looking at the odds and for some value at the Excess Knowledge - good luck to the punters and we hope everybody has a fun afternoon!Turning to the MarketAfter the strong gains in overseas markets, the ASX200 looks set to open up around 50 points, initially recovering around 2/3's of yesterday's losses.The S&P500 is now only an amazing 1.6% below its all-time high whereas the poor ASX200 is languishing 14% below March's high- see charts 1 & 2.As Market Matters has been mentioning for some time now, we are in a very strong "seasonal period" for equities into January but within that October-January timeframe there is also a very clear weak period.Over the last 5 years there have been uncanny pullbacks with uncannily similar characteristics that were then followed by excellent rallies into Christmas:
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