Daytrading December 15 afternoon

Thanks Brit and morning crew.


Half-time round-up:

Upbeat US equity futures helped the ASX edge up from yesterday's ten-week low amid signs that global markets are stabilising ahead of tomorrow night's US rate decision.

At 1pm EST the ASX 200 was trading 12 points or 0.2% ahead at 4941 as gains in industrials +0.9%, health +0.9%, consumer staples +0.7% and telecoms +0.7% offset falls in metals & mining -0.9%, gold -0.8% and financials -0.2%.

US stocks rallied overnight ahead of the start of the most closely-anticipated Federal Reserve policy meeting in years. The Fed is expected to announce the first increase in its key rate since 2006 when the two-day meeting concludes tomorrow night.

“Investors are focusing on the Fed,” Toshihiko Matsuno, chief strategist at SMBC Friend Securities in Japan, told Bloomberg. “They want to see what the Fed will announce on the target interest rate at the end of 2016. There’s market consensus that rates will rise this week, but it is unclear what happens after that.”

US futures improved this morning. Dow futures were recently up 35 points or 0.2%. China's Shanghai Composite was little  changed at +0.02%, Hong Kong's Hang Seng 0.23% ahead and Japan's Nikkei down 0.83%.

Crude oil futures held steady this morning at US$36.28 a barrel. Spot gold crept 10 cents higher to US$1,064.40 an ounce. The dollar was buying 72.56 US cents.


Wall Street has had a tendency in recent months to sell off in the lead-up to Fed meetings, then steady as the day arrives. Feels like more of the same this time around, although the after-meeting reaction will obviously be dictated by what Yellen says or does not say. Back home, the new floats just keep coming - stag profits for investors in PSI and AHX this morning. Trading: ODN was this morning's big opportunity and I let it slip - too greedy for that extra cent cheaper entry. Fool. Caught EDE just above the low and lately added WHC - bullish potential reversal candles today and yesterday.