300
6th January 2008, 03:10 PM
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The Dow Jones fell by a substantial 256 points during Friday's trading with job statistics released that contradicted usual seasonal job growth expectations. The US needs an average of 150,000 new jobs to be created monthly to sustain is economy however, employers from the sample set reported that they had only raised payrolls by 18,000. From a chartists perspective, the Dow Jones is at the bottom of a triangle formation and if it breaks through the floor, it might drop another 1,500 points before getting support. New year predictions are in and one analyst expects large write downs for each quarter this year from major US finance companies. The wave of pain is now being felt very much so on our shores with NAB raising rates before the Reserve Bank of Australia does (and it will I would suggest next time it meets) in an effort to cover losses from the US credit crisis. It isn't looking to be a pretty year.
Back home, the ASX fell only 6 points on Friday's trading however the high and low of the day were 50 points apart. With the weekend to think things over, Monday might be a day of pain for locals following the rather weak lead from the US. with all the talk surrounding the big four banks and when each will follow suit with rate rises.
Just my 2 cents
The Dow Jones fell by a substantial 256 points during Friday's trading with job statistics released that contradicted usual seasonal job growth expectations. The US needs an average of 150,000 new jobs to be created monthly to sustain is economy however, employers from the sample set reported that they had only raised payrolls by 18,000. From a chartists perspective, the Dow Jones is at the bottom of a triangle formation and if it breaks through the floor, it might drop another 1,500 points before getting support. New year predictions are in and one analyst expects large write downs for each quarter this year from major US finance companies. The wave of pain is now being felt very much so on our shores with NAB raising rates before the Reserve Bank of Australia does (and it will I would suggest next time it meets) in an effort to cover losses from the US credit crisis. It isn't looking to be a pretty year.
Back home, the ASX fell only 6 points on Friday's trading however the high and low of the day were 50 points apart. With the weekend to think things over, Monday might be a day of pain for locals following the rather weak lead from the US. with all the talk surrounding the big four banks and when each will follow suit with rate rises.
Just my 2 cents