Spoils and oil. Only another 66.7 points to go before the local market ascends the greasy pole of the ASX200 to top the 6000 mark. If Nasdaq could do it twice late last week and markets in Europe and Asia hit either all time highs, or near multi-year highs in recent weeks, why not the market of the moaning kangaroo?
If it does, it won’t be a record: there’s still a way to go. But the portents are all there for a run up today -- oil prices are up 18% in three weeks and iron ore prices up 23% in April, the latter more a dead cat bounce than a sustained turnaround, while oil traders have forgotten there’s another nasty OPEC meeting in June where Saudi Arabia won’t cut production.