Daytrading July 29 afternoon

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    Thanks Gttrain.

    Half-time round-up:

    Shares have edged lower for a third day after a profit warning from QBE and a flat night on Wall Street dampened risk appetite.

    At lunchtime the ASX 200 was six points or 0.1% in the red at 5571 following a narrow range-bound morning where the index hovered between 5565 and 5582. Serial profit-warner QBE was the biggest drag on the market, falling more than 11% after the insurer announced that problems in its Latin American operations would result in a decline in half-year earnings. The insurer has developed an unenviable track record in recent years of failing to meet profit guidance.

    Consumer staples +0.7%, gold +0.3% and health +0.3% were the best of the sectors. Metals & mining -0.3%, materials -0.3% and property trusts -0.3% were the worst.

    Consumer confidence continued to recover from the federal budget shock, improving 2.4% last week to 116.2, around the level where the measure sat before the government began leaking details of its budget intentions.

    “The good news is that the headline impact of the budget appears to be temporary and the more enduring features of the economy, such as rising share and house prices, job creation and a stable world economy are now driving consumer attitudes to spending and finances," ANZ Chief Economist Warren Hogan told Fairfax.

    Asian markets made modest additions to yesterday's gains. China's Shanghai Composite edged up 0.02%, Hong Kong's Hang Seng 0.2% and Japan's Nikkei 0.39%. Dow futures were recently down six points or less than 0.1%.

    Crude oil futures retreated 33 cents this morning to US$101.37 a barrel. Spot gold was $1 firmer at US$1,304.80 an ounce. The dollar was buying 93.99 US cents.


    The index has barely budged for three days, but I'm finding plenty of trades with the growing turmoil among the specs. Needed two attempts to nail the low in KNL but got there in the end. Traded the bounce in AVB and took a small speculator in BXN. More recently added SLM for any arvo recovery. Bade farewell to BYE from yesterday for a loss. Liking these trading conditions.
 
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