Thanks Endless.
Half-time round-up:
Australian shares drifted lower this morning as the dollar dropped below parity, most Asian markets eased and commodities resumed Friday's slide.
At lunchtime the ASX 200 was 14 points or 0.3% weaker at 5191 as declines among resource stocks, industrials and financials overwhelmed gains in defensive sectors. Gold stocks skidded 4.5% as spot gold sagged $13.90 to US$1,432.30 as the US dollar continued to pressure commodity prices. Crude oil futures dropped 65 cents to US$95.32 a barrel and copper for July delivery eased more than 0.1% at US$3.35 a pound.
The dollar dropped about a fifth of a cent to 99.86 US cents as an increase in home loans was offset by a deterioration in business confidence and soft business conditions. The number of home loans issued in March was 5.2% than the previous month and ahead of expectations. However, business confidence fell to -2 from +2 in March and business conditions remained weak at -6, up from -7 in March.
Asian markets were mixed as Japanese exporters continued to benefit from a falling yen. Shanghai retreated 0.39%, Hong Kong's Hang Seng lost 0.86% and Japan's Nikkei put on 1.54%. Dow futures were recently down 30 points or 0.2%.
Hate to say it, but the XJO is looking very toppy short-term. The opening gains have been retained only once in the last seven sessions and that's not a healthy signal. The rampant greenback is causing problems for commodity markets - obviously a big negative for resource-heavy bourses like Australia, Canada and Brazil. The goldies copped the worst of it this morning. I squeezed a couple of pips out of KCN but was otherwise too cautious. Bought COF in three parcels on the way down and endured a few nervous moments before it bounced far enough for a decent profit. Clear now and waiting for another signal.
- Forums
- ASX - Day Trading
- daytrading may 13 afternoon
daytrading may 13 afternoon
-
- There are more pages in this discussion • 83 more messages in this thread...
You’re viewing a single post only. To view the entire thread just sign in or Join Now (FREE)
The Watchlist
SER
STRATEGIC ENERGY RESOURCES LIMITED
David DeTata, Managing Director
David DeTata
Managing Director
SPONSORED BY The Market Online