The market has drifted higher today, slowly grinding away without a lot of resistance.
Most of the big banks are trading higher, up around 1-2%. CBA is the sole loser of the big four.
It has been another interesting day in the resources space. BHP has raised €2.25 billion in fresh bond issue, adding to the US$3.25 billion last week. BHP says will be used to pay for general business purposes (most likely to pay off short-term debt), but some expect the big miner will use the cash to fund acquisitions.
Market-sensitive stocks ASX and CPU are enjoying good days today, a sign of the market’s current confidence.
For the past 2 weeks stock across the whole have been rising to the new level for 2009? Is this a bear market rally or this is the beginning bull market? Will the market keep going up to the next resistance level of 3700?
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