##{"id":60799,"date":"2012-10-29T17:33:31","date_gmt":"2012-10-29T06:33:31","guid":{"rendered":"http:\/\/www.fnarena.com\/index.php\/2012\/10\/29\/what-happened-today\/"},"modified":"2012-10-29T17:33:31","modified_gmt":"2012-10-29T06:33:31","slug":"what-happened-today","status":"publish","type":"post","link":"https:\/\/staging.fnarena.com\/index.php\/2012\/10\/29\/what-happened-today\/","title":{"rendered":"What Happened Today?"},"content":{"rendered":"

\n\tBy Max Ludowici<\/span>, Equities & Derivatives Advisor, 708 Capital<\/p>\n

\n\tDespite a moderately strong gain of 27 points intraday, the ASX<\/span> 200 ((XJO<\/span>)) pared gains into the close before being hammered in the match (off 9 points) to post a weak gain of 4 points to close at 4476. News filtered through the market mid-afternoon that the US market will shut overnight [and possibly Tuesday night] and traders decided they’d rather not hold stock into a quiet night. Volumes were generally light over most of the day as we wait for Hurricane Sandy to do its thing. Sandy is only giving investors more reason to remain cautious as we wait on a raft of data out of the US and China and the big one next week (US presidential election).<\/p>\n

\n\tWe were hopeful the light volumes would allow the XJO<\/span> to regain some ground from the shocker it had last week but there was very little action all day. We were a huge underperformer<\/span> having lost 2.2% for the week while the MSCI<\/span> Global index posted a gain of 1.7%. The cyclicals<\/span> outperformed for the majority of the day but also got hit into the close.<\/p>\n

\n\tInvestors will looking for leads from US manufacturing and payrolls data on Thursday and Friday respectively and Chinese manufacturing data on Thursday.<\/p>\n

\n\tThere was little defined movement in the AUD either despite a WSJ article reported that the RBA<\/span> has begun to gather forex<\/span> reserves as it attempts to combat the effects of a frustratingly high currency. If this is their current motivation then this could be a sign of what to expect from next week’s cash rate decision.<\/p>\n

\n\tSandy is going to cause quite a bit of disruption as Citi<\/span> and JPM<\/span> among others will shut their main trading floors along with shutdowns of the NYSE, NASDAQ and other smaller exchanges. We’ll have to wait and see to analyse<\/span> the repercussions of both the storm and the index closures. <\/p>\n

\n\tDespite index shutdowns in the US, the Dow futures contract is open and is currently down 50 points [at time of publication].<\/p>\n

\n\tRegards,<\/p>\n

\n\tMax Ludowic
\n\tEquities and Derivatives Advisor <\/p>\n

\n\t
\n\tThis article produced at the request of and is published by FNArena<\/span> with the expressed permission of 708 Capital.<\/em><\/p>\n

\n\t708 Capital is a full service stockbroking<\/span> and investment advisory firm. 708 offers investment and market advice to high-net-worth Private and Institutional clients in Australia and across the globe. 708's extensive network of contacts gives its clients exclusive access to ground-level fundraising opportunities and new company listings in a variety of small and large cap ASX<\/span> listed companies. 708 has a longstanding track record of generating exceptional returns for its clients. Click here 708capital.com.au\/contact-us\/<\/a> <\/a>for a no cost consultation and portfolio review or to learn more visit www.708capital.com.au<\/a>. Note: 708 Capital offers wealth management services for Sophisticated and Wholesale Investors only. Unfortunately we cannot assist investors who aren’t classified as Sophisticated Investors<\/em> or have verified assets over AUD$2.5m. <\/em> <\/em><\/p>\n

\n\t $\"\"$ <\/p>\n

\n\t708capital<\/span> is a holder of AFSL<\/span>. No. 386279<\/em><\/p>\n

\n\tIMPORTANT DISCLAIMER – THIS MAY AFFECT YOUR LEGAL RIGHTS:<\/em><\/p>\n

\n\tThis document is intended to provide general securities advice only, and has been prepared without taking account of your objectives, financial situation or needs and therefore <\/em>
\n\tbefore acting on advice contained in this document you should consider its appropriateness having regard to your objectives, financial situation and needs. We recommend you obtain financial, legal and taxation advice before making any financial investment decision.<\/em><\/p>\n

\n\tDisclosure of Interests: 708capital<\/span> receives commission from dealing in securities and its authorised<\/span> representatives, or introducers of business, may directly share in this
\n\tcommission. 708capital<\/span> and its associates may hold shares in the companies recommended.<\/em><\/p>\n

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