The september blues is gonna get ya !! Exactly one year ago, worries about the economy were giving way to cautious optimism.
Then came September, and Bam.
The failure of Lehman Brothers was the catalyst, turning a recession into a crisis. The credit markets froze, and stock prices went into a frightening free fall.
A year later, Washington Mutual languishes in bankruptcy, and the stock market once again has bounced back from a hole
So is September month bad for stocks ?
In stock market lore, September holds the worst reputation of any month by far.
Go back 20 years, 50 years or even a century, and the ninth month is consistently the weakest. Over the past 100 years, September stock prices have declined by an average of nearly one percentage point, according to an analysis by the Bespoke Investment Group. All the other months have tallied gains, except February, which is down only slightly over that same historical period.
Well irrespective of months and their shortfalls and downfalls the Australian stock market is doing pretty well and so is our dollar. they say when the US market coughs the rest of the stock market sneezes or something like that , but Australia is surely starting a pattern of its own breaking away from the us trajectory.
Todays Stock Update That rocked up our september
The share market is just a heartbeat away from 4500 but at the same time gold is edging closer to $1000 an ounce
The market is up 23. The SFE Futures were up 38 this morning. Solid start to the week.
The Dow closed up 97. Dow up 101 at best and down 23 at worst. Gold price fell $1 after two consecutive days of heavy gains, Oil price jumped 3.3% and the Aussie dollar was at 85.21c vs 83.97c Friday morning.
In Iron Ore Port News
Junior iron ore miners, Atlas Iron (AGO), Brockman Resources (BRM), BC Iron (BCI) and FerrAus (FRS), have appointed an engineering company to undertake a pre-feasibility study into a 50m metric ton export port in Port Hedland. The cost and availability of ship-loading facilities has always been a major issue for smaller iron ore players.
The alliance has the potential to deliver 50m tons of iron ore by 2013, delivering $200m in new royalties for the state. The alliance is also not limiting its numbers to four, it has been approached by other companies which are currently in discussions.