Login | Register
Profile | Log out
logo

  • Home
  • News
  • Opinion
  • Satire
  • About
  • Contact Us
    • Contact
    • Get Covered
  • Subscribe
Submit An Article

Latest Articles

  • Miners set to tumble as Commodities take a hit
    Miners set to tumble as Commodities take a hit
    • Market Update

  • Fastest growing allied health group welcomes 16 new Partners
    Fastest growing allied health group welcomes 16 new Partners
    • News

  • Ingenia delivers despite challenges, holiday business bounces back
    Ingenia delivers despite challenges, holiday business bounces back
    • News

  • Getting taught a lesson from Doctor Copper
    Getting taught a lesson from Doctor Copper
    • Opinion

  • Novatti eyes blockchain partners following US tour to promote AUDD at top crypto conference
    Novatti eyes blockchain partners following US tour to promote AUDD at top crypto conference
    • News

  • Cobram to drizzle 9.5 million litres of olive oil over dishes across Australia after exceptional harvest yield
    Cobram to drizzle 9.5 million litres of olive oil over dishes across Australia after exceptional harvest yield
    • News

  • Desperate millennial bails on drinks to stay up till 12.01am and lodge tax return
    Desperate millennial bails on drinks to stay up till 12.01am and lodge tax return
    • Satire

  • Market consolidate on GDP update
    Market consolidate on GDP update
    • Market Update

  • There are no scorpions involved in this company’s latest cancer drug
    There are no scorpions involved in this company’s latest cancer drug
    • News

  • AML3D engaged by ExxonMobil for 3D printed machinery
    AML3D engaged by ExxonMobil for 3D printed machinery
    • News

Pipeline Cyberattack has investors eyeing off Crude, Iron Ore Soars

  • In Market Update
  • May 10, 2021
  • Tim Michaelides
Pipeline Cyberattack has investors eyeing off Crude, Iron Ore Soars

US markets pushed higher Friday again finding fresh all-time highs. The Nasdaq rebounded but struggled to hold onto gains indicating that appetite for this space may not have returned just yet. The SP500 and Dow both closed on their highs.

Commodities continue to run higher, With Copper and Iron Ore continuing to push into all-time highs. Demand is already growing in this space with many economies looking towards infrastructure spending to recover their economies.

Many investors are worried about adage of selling in May, with the concerns exacerbated by the strong bullish run that markets have enjoyed. May is sometimes a weaker month, although that is not always the case. We will have to continue to monitor technical signals for signs of a pullback and be quick in adjusting positions if key levels of support break; until that happens, we have to assume that the upward movement will continue.

Locally selling in some sectors is offsetting strength in others which is seeing the XJO continue sideways. The index is pushing right into the edge of an ascending triangle at the key 7,100 level. We are likely to see a strong break this week. Materials are likely to run with strong Commodity prices.

Australian Outlook

The XJO is expected to edge higher on open this morning following a strong night in the U.S. The volatility we experienced the past couple of days puts us back at 7100 resistance level, which we should go on to test once again today. U.S futures have edged into the red this morning and if they remain so, it is likely we hold 7100 going into the weekend.

US Markets

US shares pushed higher on Friday, with the major S&P 500 and Dow Jones 30 indices reaching fresh all-time high levels. Prices were boosted by weaker than expected US jobs data, which encouraged investors that any change to interest rates and central bank bond buying is still a long way off; unemployment came in higher than expected at 8.1%, while there were around 700,000 less US jobs created in April than expected.

Prices finished right around the daily highs, which is a good sign for the bulls from here. Every major sector closed higher on Friday, with Energy, Materials, and Industrials the strongest performers, while Consumer Staples and Utilities saw the flattest moves.

  • About
  • Latest Posts
Tim Michaelides
Tim Michaelides is the Head Trader at Emerald Financial Group.
Latest posts by Tim Michaelides (see all)
  • Miners set to tumble as Commodities take a hit - July 1, 2022
  • Market consolidate on GDP update - June 30, 2022
  • Weak consumer confidence has investors back on the sell button - June 29, 2022
  •  
  •  
  •  
  •  
  • Market Update

Leave a Comment

You must be logged in to post a comment.

  • About
  • Latest Posts
Tim Michaelides
Tim Michaelides is the Head Trader at Emerald Financial Group.
Latest posts by Tim Michaelides (see all)
  • Miners set to tumble as Commodities take a hit - July 1, 2022
  • Market consolidate on GDP update - June 30, 2022
  • Weak consumer confidence has investors back on the sell button - June 29, 2022

Login or register for free to access unlimited reading

Register Now!
  • About
  • Latest Posts
Tim Michaelides
Tim Michaelides is the Head Trader at Emerald Financial Group.
Latest posts by Tim Michaelides (see all)
  • Miners set to tumble as Commodities take a hit - July 1, 2022
  • Market consolidate on GDP update - June 30, 2022
  • Weak consumer confidence has investors back on the sell button - June 29, 2022
  • News

  • Opinion

  • Satire

  • About

  • Contact Us

  • Subscribe

Copyright © 2020 The Sentiment. All rights reserved.