MARKET TALK: S&P/ASX 200 Up 0.1%; Should Test Higher-Trader

15th Jun 2010 07:02

0602 GMT [Dow Jones] S&P/ASX 200 should test higher levels in the short term, says Cityindex dealer James Persson. "While the U.S. equities market did pull back fairly sharply from its highs last night, the currency market is still indicating that there's a fairly bullish view out there...I think we'll see a bullish lead headed into Europe and I think we'll see that translated into a bit more conviction for the bulls in the U.S. tonight. Obviously we're still very close to the 200 day moving average on the S&P 500 and it's not going to take too much to break above it." He sees the intraday bounce in resources and today's strong showing by Australian small caps as positive signs for equities. Rio Tinto (RIO.AU) up 0.4% at A$69.35 after hitting A$68.48. S&P/ASX 200 Small Ordinaries index up 0.7%. Index last up 3.3 points, or 0.1%, at 4508.8. ([email protected]) Contact us in Singapore. 65 64154 140; [email protected] (END) Dow Jones Newswires June 15, 2010 02:02 ET (06:02 GMT)