Morning Report Friday 3 October 2014
European markets get hammered, but US recovers ahead of employment data, is a low close at hand?
Last night was a very volatile session, with most European Indices falling aggressively as confidence in Mario Draghi’s ability to drag the region out of economic stagnation faltered, but the Dow, after being down 127 points early, managed to close down only 4 points. This is similar to what we have witnessed domestically, where markets are focusing on their own problems, or strengths e.g. The ASX200 has fallen 7.7%, as markets focused on our weakening currency.
This morning, a couple of respected market participants made very bearish predictions around US equities on a Market Commentary site, Livewire: http://www.livewiremarkets.com/ . Interestingly, I am starting to become neutral, from negative, on a number of equity markets after a savage few weeks; however the main US indices do remain extremely resilient. As most of my subsribers know, I love my statistics and the following is a powerful number:
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