The S&P/ASX 200 jumped on the open on overnight rallies in the US and Europe and is up 56 points or 1.35% at 4197 points.
Other Asian markets are experiencing a mix of gains, with the Nikkei 225 up 0.17% at 8997 points, and the Hang Seng up 1.5% at 19896 points.
Other risk assets are mixed, with the AUD slightly up against the USD, now at $1.0325, WTI crude slipping after a strong rally overnight, now at $85.11 USD per barrel.
Gold is down again, now trading at $1762 USD an ounce.
Movers and Shakers
It’s green across the board, except for Bluescope (BSL) down 5%, with healthcare and IT sectors leading the way. The banks are all up, but only posting very modest gains, with WBC the leader up 0.6%.
The resource twins BHP and RIO are now pushing up the index, and are up 1.6% and 2.1% respectively.
The daily chart shows how this rebound rally has continued into its fourth day, retracing almost 10%. This is not unusual in the context of market crashes, as I should earlier this week, rallies during bear markets can exceed 20% and are common.
What must be kept in context is the overall trend – there is substantial overhead resistance at 4500 points, which must now be reckoned as the mid-point in the 2 year plus (instead of 4700 points) sideways/bear market.
Local earnings season slows down today with no large companies reporting, but Bluescope Steel (BSL) has updated the market, noting a small loss is likely, and $900 million in writedowns.
Remember to bookmark the overall update here.