daytrade diaries... september 30

Morning traders.

Market wrap: Stocks face a weak start to the day after flagging consumer confidence sent Wall Street lower overnight.

U.S. stock indexes were ahead until the release of the confidence data, but reversed course after the monthly index fell to 53.1 this month from 54.5 in August. Analysts had expected the measure to rise to 57. In response, the Dow Jones Industrial Average slipped 0.48%, the S&P 500 lost 0.22% and the Nasdaq 0.31%. Major European markets also finished lower in choppy trade. The FTSE lost 0.12%, the CAC 0.28% and the DAX 0.4%.

In other economic news, home prices in the U.S. climbed in July from a month earlier, according to the S&P Case-Shiller home-price indexes but were still lower than 12 months ago.

Most US sectors lost a little ground: banks -1.12%, REITs -1.78%, oilers -0.98%. But there were pockets of strength: precious metals miners +2.58%, natural gas companies +0.34% and consumer stocks +0.24%.

Crude oil futures drifted lower ahead of weekly inventory reports, recently trading down 0.19% at $66.62 a barrel. Gold futures were pressured by a rising US dollar but turned higher late in US trade to finish higher. The spot gold price was recently up $2 at $992.10.

Copper finished 0.57% lower in London as Chinese buying dwindled ahead of a holiday season but most other base metals advanced. Aluminium added 0.65%, lead 1.04%, nickel 0.6% and zinc 0.16%. Tin lost 0.52%.

Futures traders expect our market to open in the red. With 20 minutes left to trade, the SPI futures index was down 11 points at 4746.

TRADING THEMES TODAY

END-OF-QUARTER WINDOW DRESSING: Today is the last day of the quarter and fund managers whose performance is measured on monthly/quarterly returns want the best possible finish to the period. That could translate into a better session today than the futures figure implies. Weighing against that probability is the fact this has already been an outstanding quarter - the cake may not need icing.

ECONOMIC NEWS: A few releases with the ability to move our market are due at 11.30 am today. August retail sales will affect sentiment towards the likes of DJS, HVN and JBH. August building approvals data affects local builders like BLD and CSR. Also due: private sector credit data. In the U.S. tonight, the big news is second-quarter GDP. Also due: this month's employment changes and and personal consumption figures.

Good luck to all.