A breather this week?

The two heavy weights, Anglo American (0.45%) and BHP Billiton (0.45%) tried their utmost to over come the negative sentiment, but to no avail.

Resource stocks such as Harmony (-0.45%) Gold Fields (-0.15%) and Impala Platinum (-1.38%) were the front runners to the downside.

The resource stocks were hampered by the stronger currency which took 5 cents against the dollar and euro while stripping the pound of 11 cents. International commodity prices climbed with Platinum recording the largest increase (0.85%), while oil traded above $60 per barrel during the day.

Nymex crude oil trading above the $60 per barrel level hampered the US stocks with cyclical stocks taking the brunt.

The FTSE was the only market managing a gain with Royal Dutch/Shell making hay while the oil price is high. The Nikkei is approaching four and a half year highs with the Hang Seng rising on the back of CNOOC (6%).

We expect the market to tread water after the strong rise in the recent weeks, while the rand will dictate the direction.