A good start to the morning with the ASX200 up 1.7% at the moment. Both Financial and Resource stocks are trading up. Losers on the day will be gold stocks. Newcrest down 3.1% and Lihir Gold down 5.3% at the moment, as the gold price took a tumble overnight, unwinding recent gains as investors poured into US equities. Traders were probably looking for gains over 2% on the open but the overnight move was slightly factored in as the ASX200 pre-empted the move trading up nearly 1% yesterday.
Look for the ASX200 to trade higher over the coming days towards 3350, with 3200 seen as a temporary base.
The other regional market should follow suit, with the Nikkei looking at a short covering run towards 7300 on the day.