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A whirlwind of optimism

15.25 AEDT, Thursday 22 November 2012

A whirlwind of optimism

By Ben Taylor (Sales Trader, CMC Markets)

We have seen broad based gains today as a whirlwind of optimism makes its mark across every sector. We started the session with the announcement of a cease-fire in Gaza and a positive lift in US consumer sentiment. However helping to sustain and justify the gains today has been China’s manufacturing PMI result.

Volumes have remained light which has helped glide the markets higher with little selling resistance. The market just feels like it has wanted to go higher all week, I have the feeling that investors have been looking for reasons to buy the market and today the negatives have been put aside.

The fact that the Euozone and IMF officials failed to reach agreement overnight, or that we are still in the dark with the US fiscal cliff are considerations that are not rating highly in investors’ minds today.

The Chinese manufacturing result is particularly important to Australia and marks this year’s first manufacturing expansion. The result confirms that another piece of the Chinese economic puzzle is back on track and has given investors’ confidence to add risk to their portfolios.

Any positive news of a Greek settlement can only add to the current optimism and help cement our index above the 4400 mark.

© Scoop Media

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