The market is continuing its downward trend today and we're down about 0.5% on the All Share Index. Yesterday the numbers out of the US housing market dissapointed again with their existing home sales coming in much lower than expected.
BHP Billiton released results this morning. They doubled their net income, but dissapointed on top line earnings. Subsequently the market reaction was mixed, and it's trading unchanged from yesterdays' close at 20534c.
New home sales are released out of the US today, and if yesterdays' existing home sales figure is anything to go by, expect mediocre numbers.
This could influence the market to the downside, and we think that the market will continue its downward trend for the rest of the week, encountering support at 26 000.
Safe trading
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