market update

The All Ordinaries closed today's trade lower, shedding 1.3 per cent closing at 4869.9 while the S&P / ASX 200 was on a steady downtrend today, losing 1.4 per cent closing at 4901.2. But you aren't here reading my website for this crap aren't you?

I probably overreacted over the bounce labelling it a dead cat bounce. Actually you can never tell a dead cat bounce until some time after the event. until the All Ordinaries (XAO) dips and breaks the long term uptrend I will be able to call this recent recovery a dead cat bounce.

The ASX All Ordinaries has broken a support line at around 4820, this movement could prove to be a weak correction, especially if the secondary support at 4730 holds. Shares could open flat to start the week off on Monday but may end up in higher territory due to a recent jump in oil prices and gold on Friday night. On the flip side, the Aussie markets may be a little cautious due to the Presidents' day Holiday. This week is the arguably biggest week for the ASX market with over 70 major companies posting earnings as part of our local "Profit Reporting Season".

Some news that may explain some recent market movements.

QAN - Qantas: 10.3% International revenue growth almost all yield.
Domestic revenue growth of 14.4% in Nov comes after 6.6%, 13.4%, 17.3% and 14.4% in the prior 4 months.

SGB - St George Bank: looks as if its reached some sort of plateau.

TLS - Still hovering around the $4 mark I see. UBS has a Buy 2 recommendation on Telstra with a target of A$4.55. The battle of pricing between the ACCC and TLS is ongoing. If pricing is accepted watch this beast slowly go up in price...