daytrading may 20 afternoon

Thanks Endless.

Half-time round-up:

Shares dropped to a four-week low this morning before turning positive as Asian markets opened higher and resource stocks bounced off their lowest level in almost two months.

At lunchtime the ASX 200 was trading two points or less than 0.1% ahead at 5411 after touching 5384. The biggest gains came in defensive sectors: telecoms +0.7%, consumer staples +0.7% and utilities +0.3%. The metals & mining sector was flat after earlier marking its lowest point since late March.

The retreat followed a drop in the price of iron ore yesterday and a low-volume session in the US.

"The US markets experienced one of the quietest trading sessions of 2014," Evan Lucas, market strategist at IG, told Bloomberg. "Risk assets saw light trade as a chance to bounce off the lows seen last week, but volume throughout the market suggests the bears were resting, rather than a conviction buy move."

Asian markets trimmed yesterday's losses. China's Shanghai Composite rallied 0.51%, Hong Kong's Hang Seng 0.8% and Japan's Nikkei 0.33%. Dow futures were recently up a point or less than 0.1%.

The dollar dropped a fifth of a cent after the minutes from the last Reserve Bank meeting indicated rates are likely to remain unchanged for some time. The dollar was lately buying 93.14 US cents.

Crude oil futures were flat this morning at US$102.62 a barrel. Spot gold was 40 cents ahead at US$1,293.60 an ounce.


Nice reversal on the index this morning after two and a half days of downhill skiing. I set a heap of buy orders but most of my targets turned faster than hoped. The exceptions were BRG and VMT.