Daytrading June 18 afternoon

Thanks Brit and morning regulars.


Half-time round-up:

Australian stocks turned negative for the week as the benchmark equity index derivative rolled over and traders pared their exposure ahead of tonight's meeting of European finance ministers.

At lunchtime the ASX 200 was 76 points or 1.4% weaker at 5519, erasing yesterday's gains as the June SPI200 equity index contract expired. All sectors turned south except gold (+1.6%). Worst hit were IT -2.5%, property trusts -2% and consumer staples -2.2%. The financials sector fell 1.6% and metals & mining 1%.

US equity futures were stuck in the red ahead of tonight's meeting in Brussels, which some analysts have described as Greece's last chance to avoid a default. Dow futures were recently down 21 points or more than 0.1%. China's Shanghai Composite slipped 0.97%, Hong Kong's Hang Seng 0.24% and Japan's Nikkei 0.6%.

Crude oil futures declined 37 cents this morning to US$59.55 a barrel. Spot gold was 30 cents ahead at US$1,186.90 an ounce. The dollar was buying 77.36 US cents.


Three potential explanations for today's sell-off: 1. Index expiration shenanigans - the instos ran the market up yesterday, bailed today. 2. Fear that the Greeks are going over the cliff tonight. 3. International money had a particular expectation going into last night's Fed meeting that was not met, so the cash is off elsewhere. Or none of the above. Who knows what really goes on during sessions like this. It's a useful reminder that we're mere corks on a vast ocean, driven by forces beyond our ken. It would be humbling if not for the fact we're also Masters of the Universe. Trading: not a morning to hang around in any of the mid-caps, but good conditions for scalping. Been jabbing for pips at the likes of BKN, AHG, PRY and SXL. Not sure yet who's winning. Waiting for ERI.