More ugly

The All Share bled 2.43 pints, led by resources shedding 3.36 pints and gold giving back 5.34 pints. This despite the currency shedding 0.36% against the dollar and 0.60 against the European currencies. Commodities reacted to the stronger dollar with gold

The Efficient Group reports that European stocks fell to five-week lows yesterday, hit by a slump in basic resources issues on worries that high-flying commodity markets were close to a peak.

US stocks rose overnight after sharp gains in Apple Computer, while blue chips stocks ended marginally lower as sliding crude prices hit the energy sector. In the East this morning the bloodbath continues.

Locally we expect the market to be positive after being hit too fast and furious.