Morning Market Report

Jun 25, 2012

Moody’s downgrades banks, local markets down

Moody's downgrades of 15 major global bank ratings were not as bad as expected.

The market is down 45. The SFE Futures were up 13 this morning.

The Dow Jones closed up 67 — up 100 at best. Moody’s ¬†downgrades of 15 major global bank ratings were not as bad as expected. The US bank sector was the best performer, Morgan Stanley was up 1.3%, JP Morgan was up 1.4%, Bank of New York Mellon up 1.63% and Citigroup was up 0.57%. European markets were mostly down with the German Dax down 1.26%, UK FTSE down 0.95% and the French CAC down 0.75%. Oil was up $1.77 to $80.09 on a gathering US cyclone. Gold was up $1.40 to $1566.90. Metals were mostly down on the LME with Zinc down 1.24%, Lead down 0.62% and Copper down 0.35%. BHP and RIO were down in the UK but their ADRs were up 0.27% and 1.48%. The A$ is at 100.45c. We are on resistance of 4000 this morning although 3985 is a more accurate support level. If the sentiment flip flop protagonists are right this is the moment to buy, but a test of 3985 is perhaps the more imminent threat we need to hurdle first.

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