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Morning Bell 10 March

Jessica Amir
March 10, 2021

The broad market is expected to rise 0.4% with tech stocks in focus.

This comes as the tables were turned last night – with investors smashing the ‘risk-on’ switch. This saw the Nasdaq lift 3.6%, its best gain in 4-months, while the broader S&P500 rose 1.4%.

What to watch today:

  • Yesterday, we saw the markets shorter-term 15-day average fall under the 30-day average. This is a bearish signal. It occurred last in September 2020 and then the market fell 5%.
  • PayPal is set to launch its pay in four instalment options to 9-million Aussies in June – so Afterpay (ASX:APT) and Zip (ASX:Z1P) could be losing market share locally.
  • Afterpay (ASX:APT) has just announced its launch into Europe has gone ahead of schedule, after it completed the takeover of BNPL provider Pagantis. And buy orders are stacking up in APT as well as Zip.
  • EOS (ASX:EOS) was mentioned on the ABC – for allegedly working on a new weapon system for a defence force. So EOS is likely to see some extra buying.
  • Keep an eye on some of the most traded stocks from yesterday: Redflow (ASX:RFX) which rose 43% and Digital Win Ventures (ASX:DW8) which rose 29%.
  • Consumer confidence data out for March as well as new home sales and building permit data.

Trading ideas:

  • Nickel Mines (ASX:NIC) was reiterated as a Bell Potter Buy with a $1.67 target despite China unveiling plans to boost nickel production.
  • First Graphene (ASX:FGR), Graincorp (ASX:GNC) and Element 25 (ASX:E25) are all giving off bullish charting signals according to Trading Central.

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