Morning guys.
Market wrap: concerns about the financial implications of a swine flu pandemic weighed on global markets overnight. Wall Street recovered after opening deep in the red to trade ahead in late morning but the major indexes faded to losses of around 0.6 - 1% at the close.
Airlines were hit hard, with the AMEX Airline Index falling more than 10%. Also on the slide were banks, REITs, oilers and transport companies.
Oil recovered heavy early losses during the US session but still finished off nearly 3% at around $50. Gold also lost ground, recently trading down less than 1% at $906. Base metals slid on fears of the impact of swine flu on global economic activity, with copper sliding to a two-week low. The key metals are now well off last month's highs.
Despite all the gloom, futures traders hedged their bets on today's direction for the ASX. The SPI closed near flat, up just 2 points at 3718.
So, a tricky day ahead, with no clear lead from overseas. Yesterday's volatility provided plenty of trades after the afternoon pullback, so I'll probably play a waiting game today until opportunities emerge.
Good luck to all.
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