Among the major averages, the Dow Jones Industrial Average advanced 1.4% to finish at 11869, the S&P climbed 1.1% to 1242, while the NASDAQ added 0.5% to 2651. Boeing led the gainers, jumping 4.5% after reporting a larger than expected quarterly profit.

With a conclusion to the European crisis in sight, it seems there is little in the way of the bulls now.

We are calling an open of 4270 (+0.7%) for the Aussie market this morning. Traders will be encouraged by the agreement to recapitalise the banks, news that China is looking to invest in the rescue fund and the positive economic data out of the US. Yesterday's CPI numbers will keep investors optimistic about a rate cut by the RBA next week.

Gold's rally overnight will bring gold stocks into focus yet again today. Traders will be looking at the previously beaten-down small-cap gold stocks for buying opportunities. Oil slipped from a 12-week high on a rise in inventories. This is likely to put a dampener on the energy sector. Also keep an eye out for some company reports today. NAB has posted its FY11 results, which include a record profit.

On the charts, a close above the downtrend line from the April peak (now at 4241), would be the ultimate signal for the bulls. The market has been struggling to close above this line for a while now, as sellers rushed in on any attempt to successfully break it.

Market

Price at 7:30am AEST

Change Since Australian Market Close

Percentage Change

AUD/USD

1.0398

0.0025

0.24%

ASX (cash)

4270

28

0.66%

US DOW (cash)

11902

127

1.08%

US S&P (cash)

1246.3

11

0.91%

UK FTSE (cash)

5609

95

1.72%

German DAX (cash)

6085

59

0.98%

Japan 225 (cash)

8804

45

0.51%

Rio Tinto Plc (London)

33.00

-0.03

-0.09%

BHP Billiton Plc (London)

19.68

0.07

0.36%

BHP Billiton Ltd. ADR (US) (AUD)

37.52

0.58

1.57%

US Light Crude Oil (Dec)

90.92

-2.47

-2.64%

Gold (spot)

1725.1

13

0.74%

Aluminium (London)

2219.00

-15

-0.67%

Copper (London)

7740.00

18

0.23%

Nickel (London)

19300.00

-650

-3.26%

Zinc (London)

1869.00

-16

-0.85%

RBA Cash Rate to be decreased by 25bp (Nov) (%)

70.00

30

30.00%

IG Markets provides round-the-clock CFD trading on currencies, indices and commodities. The levels quoted in this email are the latest tradeable price for each market. The net change for each market is referenced from the corresponding tradeable level at yesterday's close of the ASX. These levels are specifically tailored for the Australian trader and take into account the 24hr nature of global markets.

Please contact IG Markets if you require market commentary or the latest dealing price.