March the 23rd, 2007, Friday

The All Ords finished in the red today, -2.30 to 5933.10.

BHP Billiton, the world's biggest miner, approved a US$1.85 billion expansion project that aims to increase iron ore production, BHP finished -6 to close at 29.20.

WTI Crude Oil surged almost 4% to almost US$62 a barrel. However, the oil sector failed to track gains, with the exception of Beach Petroleum,which shot up 4.5c higher to close at $1.16

Qantas Airways dropped -3.06% to $5.06 a share after Balance Equity Management, which owns a 4% stake in Qantas, said it did not intend to accept the bid.

My trading session:

I was disgusted with Origin's performance today! I fail to understand how the stock closed down -12 to 8.68 when Crude Oil surged almost 4% last night to US$62 a barrel. I still hold the stock with a stop-loss just under support ($8.44).

I made no other moves today.

Next week's outlook:

Stock markets rallied strongly this week, (especially the German DAX!) so i'm expecting some profit taking next week.

I believe the Dow Jones will fall tonight as it's getting pretty tired of carrying the world economy on it's back, but otherwise it will be interesting to see if the All Ords can break past the all-time high of 6014 - which will probably rely on fierce Dow lead, or a strong commodity price rise.

Watch out for Zinifex giving its mammoth 70c dividend next Friday.

Have a good weekend!