James Gerrish - Morning Note

by James Gerrish 30 July 2010

30/7/10   - 8.37am   -  by James Gerrish 


We've been speaking about the demand for risk assets over the last few weeks as investors look to reduce defensive exposure in favor of growth orientated assets. To me this is a clear theme thats playing out and it was once again obvious overnight. The Euro was higher, the US Dollar was lower and the commodity index broke out from resistance 


We also saw the Aussie Dollar bounce from support. 



On the Market the DOW JONES lost  -30.72 points or -0.29% to close at 10467. It was a roller coaster ride with buying early on the back of a better than expected results from Exxon and some initial reports that painted a favorable picture on employment. This gain was stripped away when Colgate missed the mark as did a number of tech stocks. We did see the market rise +80 points from the low towards the end of trade which was another positive sign of buying into weakness or some may call it consolidation of recent gains.  

The FTSE 100 lost -5 points or -0.11% to 5313. Locally, SPI Futures were matching down 17 points. 

Disclaimer

James Gerrish is an Authorised Representative (Rep No. 352904) of Shaw Stockbroking Limited ("Shaw Stockbroking"). Shaw Stockbroking is a holder of Australian Financial Services Licence No 236048. Shaw Stockbroking, its directors, officers, associates and employees each declare that they, from time to time, may hold interests in financial products and/or earn brokerage, commission, fees or other benefits from financial products mentioned in this e-mail or attached documents. Unless specifically stated within this page or an attached document, any information communicated by this e-mail constitutes unsolicited general financial product advice which has been compiled without regard to any investor's individual objectives, financial situation or needs. It is not specific advice for any particular investor. Before making any decision about the information provided, you need to consider the appropriateness of this information having regard to your individual objectives, financial situation and needs and consult your adviser. Any indicative information and assumptions used here are summarised and also may change without notice to you, particularly if based on past performance or relate to a future matter.
 

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