ASX Shares Daily – 15th June

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By Chris Becker

Remember to read “Trading Week“, published Saturday morning, to put these events and ideas in context.

The markets are as topsy turvy as a topsy turvy thing today, oscillating between gains and losses, although the ASX200 has done better than most, up 15 points or nearly 0.4% to 4057 points. For context its been oscillating around this level since mid-May as directionless as a FIFO worker staggering back to his donger after a night out spending his hard-earned wages (which he needs to pay off his grossly negatived geared properties):

The same is being repeated across Asia, with the Nikkei 225 closing flat, the Chinese markets mixed with the Hang Seng currently up 1.2%, whilst the Shanghai Comp is wildly oscillating – currently up 0.2%, but was down a fair bit.

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Heres a comparative chart of all of them:

I’ve been saying all week that markets are waiting for a catalyst – any type, bull or bear – and we’re nearly there with the Greek election this weekend, a G20 meeting and the FOMC meeting thereafter.

Not a time to be openly short or long IMO, unless you’re hedged. I’ve got a couple of options in play (literally and figuratively) but I’m waiting until the direction is set. This could go anywhere.

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On currency markets, there were no real big movers in the majors today, except the Yen which has strengthened against the USD to 78.41 after trying to work its way above 80 on the USD/JPY pair. The Aussie remains just above parity whilst gold is also trying to breakout above the key level I identified previously (at $1625USD an ounce) as is currently at $1626 USD an ounce or in AUD terms at $1623AUD per ounce

Other commodities are up, with energies up almost 1% across the board, and other precious metals seeing bids as well.

Finally, in the debt markets today, we saw slight selloffs in Aussie 10 years, with yields gaining almost 7 points but remaining just under 3%

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Bond markets have opened in Europe with strong bids across the board, particularly Italian and Spanish yields down nearly 10 points each. UK gilts have dropped almost 10 points already, whilst German bunds are steady.

Tonight

After last nights CPI prints, tonight we get Italian/GB/EMU merchandise trade, US Empire State Manufacturing Survey, Industrial production and consumer sentiment.

You won’t find me on Twitter here I’m having a bit of a break.

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But tomorrow I’ll be back with Trading Week.

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