Broker analysis

By Stephen Hogan, Senior Private Client Adviser, Equities/Derivatives Australian Market The Australian market (XJO) closed down -103 points or -1.99% to 5062.4 today.

-Sales and consumer sentiment soft -Pressure on margins from discounting/costs -Online gaining traction  

The Dow closed down 80 points, or 0.5%, while the S&P lost 0.8% to 1655 and the Nasdaq fell 1.1%.

BA-Merrill Lynch rates as Upgrade to Buy, Medium Risk from Neutral (1) - Target $5.85 (was $5.60).

FNArena is surveying investor sentiment in Australia in an effort to generate, over time, a guage similar to the AAII Investor Sentiment Survey in the US.

-Downgrade to FY13 earnings -Gearing may present a problem -Threat to dividends -Broad footprint a mitigating factor  

-Copper surplus ahead -Prices downgraded short term -Long term Chile losing market share -Long term prices upgraded  

For those caught in a "will I or won't I go long BHP Billiton" at these levels, the tennis tournament between Roger Montgomery and my fanatical BHP Billiton supporter, who I nicknamed the BHP Insider or BI, continued last week, after Roger appeared on my Sky News Business channel show.

The Dow closed up 52 points, or 0.3%, while the S&P gained 0.2% to 1669 and the Nasdaq added 0.2%.