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.

Main points:

  • Ex Distribution/Dividend – A lot of REITs, Infrastructure and Utility stocks are ex dividend/distribution today. See list below.
  • Billabong (BBG) is out of its trading halt today after their, profit warning and $225m 6 for 7 capital raising at 102c. The opening price was 100c. BBG is down 35% to 94.5c. In other words all institutional fund managers that supported the issue at 102c are already under water.
  • Perpetual (PPT) has released details of their cost cutting strategy and delivered a profit downgrade. The stock recently jumped 8% in a day on talk of a private equity approach. They were last bid for in 2010 by KKR at $38-40. PPT is down 0.51% to 2322c.
  • Transpacific Industries Group (TPI) has issued a profit warning downgrading guidance due to lower waste volumes and weaker manufacturing activity. TPI is down 3.38% to 71.5c.
  • Consolidated Media Holdings (CMJ) – The press speculates that Kerry Stokes may increase his 24% stake in takeover target CMJ and threaten to launch a counter bid as a bargaining chip in discussions over the future of Foxtel. CMJ is up 0.89% to 340c.
  • Singtels Optus (SGT) is planning invest $2bn to build a network that will compete with Telstra post the development of the NBN. SGT is unchanged on 246c.
  • Atlas Iron (AGO) – production update – has received the final environmental approvals for their Mt Dove mine and construction is due to being early July. Output is expected to be at 8M tons a year by 3Q 2013. AGO is down 1.01% to 196c.
  • Lynas Corp (LYC) says there could be plans to build a rare earths processing plant in WA similar to their existing plant in Malaysia which has met a lot of local population resistance. LYC is down 3.17% to 91.25c.
  • Silver hit a 19-month low last week.
  • Fortescue Metals Group (FMG) has launched a last minute high court challenge to the government’s mining tax last Friday, arguing the tax contravened Australia’s constitution.  FMG is down 1.22% to 485c.

For a five day FREE TRIAL of the MARCUS TODAY newsletter Click Here. You will receive our renowned and popular Daily email about the stockmarket with all the stuff you need to know ahead of the trading day including:

  • Overnight developments, news, comments, rumours, broker recommendations and ideas from Marcus and his Team.
  • Our Portfolio recommendations which is actively managed on behalf of subscribers … no “set & forget”. Everything you need to effortlessly
  • managed your own long term investment portfolio.
  • Daily Technical Trading ideas and data, including daily scans of the ASX 300 for stocks changing trend.
  • Stock Database — all the numbers with comments on the top 300 stocks and more.
  • Educational section — Marcus’s Educational and Entertaining articles.

Subscribe to MARCUS TODAY. We are sure you will enjoy and profit from what we offer … we have one of the highest re subscription rates in the financial newsletter industry.