Australian shares are expected to start little changed on Friday despite falls in the major indices in New York overnight.
The December contract of S&P/ASX 200 share price index was last quoted just three points below the previous settlement at 8,842 points in futures trading on the Australian Securities Exchange (ASX).
Burrell Stockbroking wealth adviser Adam Dight said the ASX had been choppy and hard to read this wee.
“It’s been interesting putting new money into the market for the first time,” he said.
“It’s been thankless trying to time it but obviously people want their money invested.
“They will be fully invested by the end of November because the market normally does nothing for two weeks in November and then pops and then pops again in December.”
The technology stock sell-off resumed on Wall Street on Thursday (Friday AEDT) with the Dow Jones Industrial Average losing 0.8%, the S&P diving 1.1% and the Nasdaq Composite plunging 1.9%.
Murphy & Sylvest Senior Wealth Advisor & Market Strategist Paul Nolte said the market was still bullish but valuations remained a longer term concern.
"Earlier this week, we got a drawdown of 1% to 1.5%. What did we do the next day? We were up 80 basis points. So that buy the dip mentality is still there," he was quoted in a Reuters story as saying.
Australian shares ended a two day losing streak when the market finished firmer on Thursday with the S&P/ASX 200 gaining 0.3% to 8,828.3.
Stocks to watch include Macquarie Group (ASX: MQG) which released its half year results.
In fixed interest markets, yields fell across the curve with two year rates down 1.33% to 3.558% and 10 year rates off by 1.10% to 4.320%.
