After 30 minutes of trading this morning, XJO is up +0.5%. Reporting season in Australia is in full swing. Notable this morning were Macquarie Bank and Rio Tinto. Both are on the downside, MQG -4.4% and RIO -2%.
Overnight in the U.S., Federal Reserve raised interest rates +0.25% (as expected). For the stock market it was a non-event. At the time of the announcement the SP500 jerked higher but then settled back to where it was.
Dow Jones up for the 13th day in a row. That's the best since 1987 - and we all know what happened that year. If it is up for 14 days in a row - best since 1897 - that's the year the Great Depression of 1893-97 ended. Draw your own conclusions, good or bad.
Overnight in the U.S.
Dow Jones +0.23%. SP500 -0.02%. Nasdaq -0.12%. Mid Caps +0.5%. Small Caps +0.69%. Banks +1.88%.
Dow Jones is seriously overbought (no surprise) with an RSI at 75.2.
SP500.
SP500 remains in consolidation. The trend remains up - stay with it until otherwise indicated.
Since the low of mid-March, SP500 is up +19.9%. During the same time, Australian XJO is up +7.3%.
Commodities.
Commodities Index -0.49%. Energy -0.04%. Base Metals -0.69%. Agriculture -0.22%. Gold continues its rebound off the 50-Day MA, +0.49%.
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