daytrading nov 16 afternoon

Thanks Endless.

Half-time round-up:

A tough week for the Australian share market is on track to end with a sixth fall in seven sessions as negative US futures offset a solid rally in Japan.

At lunchtime the ASX 200 was six points or 0.1% weaker at 4343 as falls in financials -0.6% and materials -0.1% overwhelmed gains in industrials +0.6%, gold stocks +0.6% and defensive sectors. Today's decline brought the index's loss for the week to 121 points or nearly 3%. The falls came as Republican and Democrat leaders in the US prepare to meet tonight to commence negotiations over spending cuts and tax hikes due in January.

"The latest comments from key players reinforces to us that the two sides are starting negotiations from rather distant points," Sean Callow, senior currency strategist at Westpac, told Reuters. "There will be plenty of negative headlines in coming weeks that weigh on risk assets and boost USD, which is yet again trading like a safe haven even when the bad news is generated by the US. We doubt there will be a deal before late December."

Asian markets were again mixed as Japan marched to its own beat. Japan's Nikkei rallied 1.39%, bucking the global trend for a second day as traders speculated that an election next month will install a more business-friendly government. Shanghai lost 0.49% and Hong Kong's Hang Seng edged up 0.2%. Dow futures were recently down 21 points or 0.2%.

Crude oil futures retreated another 13 cents this morning to US$85.44 a barrel. Spot gold was 40 cents stronger at US$1,714.60 an ounce. The dollar was buying $US1.0338.


Some days the trades come easy, some days the trades don't come at all. I'm not surprised so many have logged off for the day because opportunities have been scarce. My first hour and a half was a flicker of half-chances that vanished as soon as I placed an order. Patience was finally rewarded with a nice bounce in GGX for a good day's wage. Won't be sad to see the back of this week but I fear we may be in for another month of stasis/negativity while the US polies play chicken with the fiscal cliff. Be delighted to be proven wrong.