The JSE is strong again, but it will stay volatile for the foreseeable future. The Dow was steady overnight, while the gold price moved back to 530oz. The market should pick up from next week as more people are at their desks.
More Quotes from Ferdi Heyneke:
I think we are taking after the markets in Europe, most of them are down today. I think the guys are just taking profits on banks because there's still good news especially with credit demand figures this morning.Ferdi Heyneke
Local equity markets have run very hard, especially among the banks, financials, industrials and retailers since the start of the year. These stocks have been overbought and market players were today banking some profits. The JSE is off its worst levels, so there is support for the market.
Ferdi Heyneke
The market's volatility has been huge and we've become oversold so the market was poised for a rally and needed some news and some trigger.
Ferdi Heyneke
I think it got ahead of itself especially gold and platinum stocks and profit taking was not unexpected.
Ferdi Heyneke
Gold has pulled back from its recent spike to around 505 an ounce while the rand has strengthened to 6.34 against the US dollar.
Ferdi Heyneke
We had a dip initially but those are not that much of a concern, we'll see some volatility and profit-taking but I think the trend is still rising.
Ferdi Heyneke
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