Trader’s Edge

Daily Note – Thursday, 3 September 2015

Global Markets

*Iress

Australian Companies Traded in the U.S.

Market Wrap

Wednesday saw a large intraday recovery on the Australian share market. Trading 81 points down just before 1pm, the market posted a strong rebound in the final hours of the session to close up 5 points (+0.1%), at 5101.46.

Significant buying hit the screens after lunch as a recovery in Shanghai, and positive US stock futures were able to restore some confidence in equity markets.

By the close the index had made it back into positive territory, and in the process formed a bullish daily key reversal formation. Let’s see if the bullish technical signal is followed by some strength in local stocks today.

Trader’s Edge

The Shanghai Composite Index dropped 4.66% to its low shortly after the open but managed to climb as the session progressed, closing down 6 points (-0.2%). With Chinese markets now closed for the next two days with a World War II remembrance holiday it will be interesting to see how other financial markets round out the week.

Asian markets finished in the red after choppy trading sessions. In Tokyo the Nikkei 225 started lower, rallied into lunch, and then retreated into the close to finish down 0.39%. The Hang Seng shed 1.18% and the Straits Times Index gave up 0.16%.

U.S. stocks have posted a solid rally following the near 3% falls on Tuesday. The Dow Jones Industrial Average climbed 1.82%, the broad –based S&P500 added 1.83%, and the tech-rich NASDAQ jumped 2.46%.

Oil prices eked out a small recovery following the 10% hammering the previous day. The NYMEX WTI crude price rose by 1.85% as supply side factors continue to dominate pricing.

*Iress

SPI200 futures are up 31 points ahead of this morning’s reset. The 200-period moving average on the weekly chart (above) continues to provide some support for the local market. I’d be looking for some buying to follow on from yesterday’s late bullish momentum.

2 3 September 2015 www.iinvestsecurities.com.au Trader’s Edge

Companies in the Press

 Bluescope : NSW steel workers are meeting with BlueScope management near , amid fears the company is set to shed jobs.

: Homewares retailer Harvey Norman has agreed to pay $34 million for a 49.9 per cent stake in northern Victorian dairy company Coomboona.

 Fortescue Metals & Private are ex-dividend today. (AAP)

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By the Numbers

*Data Source – Iress. *Trend based on simple moving average crossover (50,200). I.e. Upward trend = 50 period MA > 200 period MA

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Global Economic Calendar

*fxstreet.com, http://www.iinvestsecurities.com/economic-calendar/ 5 3 September 2015 www.iinvestsecurities.com.au Trader’s Edge

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