Daily Market Reports | Jan 14 2022
| World Overnight | |||
| SPI Overnight | 7328.00 | – 38.00 | – 0.52% |
| S&P ASX 200 | 7474.40 | + 35.50 | 0.48% |
| S&P500 | 4659.03 | – 67.32 | – 1.42% |
| Nasdaq Comp | 14806.81 | – 381.58 | – 2.51% |
| DJIA | 36113.62 | – 176.70 | – 0.49% |
| S&P500 VIX | 20.31 | + 2.69 | 15.27% |
| US 10-year yield | 1.71 | – 0.01 | – 0.81% |
| USD Index | 94.87 | – 0.12 | – 0.13% |
| FTSE100 | 7563.85 | + 12.13 | 0.16% |
| DAX30 | 16031.59 | + 21.27 | 0.13% |
Greg Peel is scheduled to return after Australia Day.
SPI futures this morning are indicating a weaker end to a rather wishy-washy weekly performance that saw technology and high PE stocks in particular feeling the brunt of money outflows.
While everybody's focus remains on bond markets and central bank commentary, our five cents worth is that investors are being taught a harsh lesson about (over)crowded positions.
When everybody leans the same way and then reverses course, the boat will look like it is sinking to the one side, albeit only for the time being. Of course, as no-one knows how much money is still looking to shift, it is equally impossible at this stage to accurately predict how long this process still has to run.
But it will end. When the Fat Lady stops singing, presumably (and those with cash at hand will jump on the freshly-minted opportunities).
Commodities, gold and silver included, had a down-day generally, with oil and iron ore chipping in too, which likely explains the rather subdued looking indication by the SPI futures this morning.
After today follows the weekend, which in the current context means shares won't continue falling for at least 48 hours. Enjoy.
| Spot Metals,Minerals & Energy Futures | |||
| Gold (oz) | 1822.30 | – 2.90 | – 0.16% |
| Silver (oz) | 23.06 | – 0.07 | – 0.30% |
| Copper (lb) | 4.49 | – 0.03 | – 0.63% |
| Aluminium (lb) | 1.32 | – 0.03 | – 1.86% |
| Lead (lb) | 1.06 | + 0.00 | 0.12% |
| Nickel (lb) | 10.02 | – 0.04 | – 0.36% |
| Zinc (lb) | 1.61 | – 0.01 | – 0.71% |
| West Texas Crude | 81.54 | – 1.28 | – 1.55% |
| Brent Crude | 83.90 | – 0.87 | – 1.03% |
| Iron Ore (t) | 127.95 | – 3.65 | – 2.77% |
The Australian share market over the past thirty days…
| BROKER RECOMMENDATION CHANGES PAST THREE TRADING DAYS | |||
| ARB | ARB Corp | Downgrade to Underperform from Neutral | Credit Suisse |
| ATL | Apollo Tourism & Leisure | Upgrade to Buy from Hold | Ord Minnett |
| CVN | Carnarvon Energy | Downgrade to Accumulate from Buy | Ord Minnett |
| FMG | Fortescue Metals | Downgrade to Sell from Neutral | Citi |
| JHX | James Hardie Industries | Downgrade to Equal-weight from Overweight | Morgan Stanley |
| LNK | Link Administration | Downgrade to Hold from Accumulate | Ord Minnett |
| SHL | Sonic Healthcare | Downgrade to Neutral from Outperform | Credit Suisse |
| TPG | TPG Telecom | Upgrade to Buy from Hold | Ord Minnett |
| TRS | Reject Shop | Downgrade to Hold from Add | Morgans |
For more detail go to FNArena's Australian Broker Call Report, which is updated each morning, Mon-Fri.
All overnight and intraday prices, average prices, currency conversions and charts for stock indices, currencies, commodities, bonds, VIX and more available on the FNArena website. Click here. (Subscribers can access prices on the website.)
(Readers should note that all commentary, observations, names and calculations are provided for informative and educational purposes only. Investors should always consult with their licensed investment advisor first, before making any decisions. All views expressed are the author's and not by association FNArena's – see disclaimer on the website)
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