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The ASX200 is eyeing a 0.2% fall at the open to start the week.
US Presidential Elect Joe Biden is inaugurated in two days. Historically, Aussie equities have rallied in the year under a new presidency, with returns generally higher under democratic presidents.
What to watch today and this week:
– All eyes will be on oil stocks, which are likely to pull back as the oil price fell 2% when China reported the highest number of daily COVID-19 cases.
– Employment data is out this Thursday and is expected to show 50,000 jobs were added to the economy in December. Keep an eye on banking and finance stocks which should rally if the number is better than expected.
– The US market is closed on Monday for the Martin Luther King Holiday.
Local trading ideas:
– Aroa Biosurgery (ASX:ARX) was reiterated as a speculative buy by Bell Potter with a $2.00 price target, suggesting 89% upside in a year from Friday’s close.
– UBS reiterated Whitehaven Coal (ASX:WHC) as a buy with a $2.15 target.
– Weebit Nano (ASX:WBT), BetMakers Technology (ASX:BET) and Fortescue Metals (ASX:FMG) are giving off strong bullish charting signals according to Trading Central.