Daytrading July 6 afternoon

Thanks Oscar and morning crew.


Half-time round-up:

Tanking US equity futures amid a fresh wave of post-Brexit risk aversion helped drive the ASX towards a second day of solid losses.

At 1pm EST the ASX 200 was 72 points or 1.4% weaker at 5156 as last week's Brexit relief rally continued to unravel. Asian markets logged sharp falls this morning after the Bank of England warned overnight that the UK's vote to quit the European Union was having an impact on money markets. Sterling hit a 31-year low.

Dow futures were recently down 105 points or 0.59% after falling 0.61% overnight. Hong Kong's Hang Seng slumped 2.07%, Japan's Nikkei 3% and China's Shanghai Composite 0.25%.

"The heady post-Brexit rally looks to be at an end, with all major US and European markets down overnight except the FTSE 100, which moved higher only as a response to the further decline in the pound," Angus Nicholson, market analyst at IG, told CNBC. Bank of England governor Mark Carney's speech "seems to have initiated the dawning of realisation of the longer-term impact of Brexit for many in the markets."

Defensive sectors fared best during the latest downswing on the ASX. The gold sector jumped 4% and utilities less than 0.1%. The biggest hits were in energy stocks -2.7%, financials -2% and IT -1.9%.

Crude oil futures fell 39 cents or 0.84% this morning to US$46.21 a barrel. Gold futures strengthened $11.90 or 0.88% to US$1,370.60 an ounce. The dollar was buying 74.19 US cents.


Got a strong sense that trading conditions are deteriorating. Still plenty of runners, but the majority seem to be peaking early in the session, finishing on their butts and giving most of it back over the next couple of sessions. Bounce candidates are hard to find. More splat than boing this week. Silver is obviously proving rewarding for many, but we could use a theme with some more blue sky. Trading: gone-nowhere buys in MMJ and EMC. Just taken CAV.