Morning traders.
Market wrap: a choppy and directionless night on Wall St ended in a final-hour fade-out as key stock indexes slipped into the red. The S&P 500 fell 0.17% and the Dow lost 0.34% but the Nasdaq bucked the trend, adding 0.13%.
Financials couldn't hold onto yesterday's big gains, with the S&P Bank Index sliding 4%. REITs and insurers lost more than 2% but oilers and gold miners advanced after a rise in commodity prices.
Crude charged to a six-month high of $60.48, but fell back to $59.65, a gain of 1%, after disappointing housing data. Gold again neared $930 but has since retreated to recently trade little changed from yesterday at $924.70. Base metals were mixed with most rising early but struggling to hold higher levels when fresh US housing data failed to support yesterday's bullish action on the stock market.
Australian futures traders have hedged their bets, with the SPI unchanged at 3844.
Not a great overseas lead - we may tread water today unless Asian markets provide direction. Once again, oil companies look to be the obvious "hot" sector if you can find a reasonable entry point. Anyone identified anything yet to run?
Good luck to all.
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