A good day in store as we will follow overseas markets higher. Results season is coming to a close and we have seen a few surprises to keep traders guessing. Seven Group was one yesterday plus the Monadelphous (MND) result which fired up the whole mining services sector. Some disappointment too and the banks are still under a cloud. We may see them join in the fun today as we push up towards the top of the range again. This market has become very predictable on the headline index 5700-5800. ‘Buy the dips and sell the rally’. Simples.
Resources may take a breather and let others do the heavy lifting but once again results will be the focus.
SPI up 32. Woolworths number beat expectations. BHP positivity will continue to help sentiment. 5800 in sight today.
A2M a cracker result. Onwards and upwards.