Afternoon Report Friday 18 July 2014
The ASX 200 was sold off in the morning in the back of events in the Ukraine/Russia, only to surprise investors and bounce off the key technical SPI futures support level of the 5430's region to close up 9 points to 5,532.
The gold sector rallied well as expected, with Newcrest Mining (NCM) closing up 3.2% to $11.52 and OceanaGold (OGC) up 6.8% to $3.44. We remain 50-50 on gold futures with resistance seen at US$1,400/oz and support at US$1,100/oz.
The resources sector was weak today, with RIO closing down 46c to $64.29 and Fortescue Metals down 7c to $4.59 for the day, however, the sector closed strong for the week.
It is worth mentioning the reversal of CNN's Fear and Greed Indicator (below) in the US from positive to negative as their volatility index jumped 32% overnight.
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