Daytrading October 28 afternoon

Thanks Brit and morning crew.


Half-time round-up:

Shares edged lower for a third day before rebounding as weak inflation data boosted the odds on a rate cut next week.

At 1pm EST the ASX 200 was six points or 0.1% ahead at 5352 and well above the session low of 5319 after the odds on a rate cut next Tuesday jumped from 28% to 52%, according to Citi Markets. The dollar dived more than half a cent to 71.28 US cents.

Consumer prices increased just 0.5% last quarter, versus expectations for a rise of 0.7%. Annual inflation was 1.5% (versus a predicted 1.7%). Core inflation also fell short at 0.3% for the quarter and 2.1% for the year (expectation: 0.5% for the quarter, 2.5% annual).

A mixed morning saw rises in health +1.6%, gold +1.4%, utilities +1.3% and telecoms +1% offset declines in metals & mining -1.2%, materials -0.6%, energy -0.4% and financials -0.2%.

US equity futures edged higher as Apple shares settled flat following this morning's after-market report. The share price bounced 0.61% in after-market trade, cancelling out a 0.63% slide during the regular session. Dow futures were recently up 18 points or 0.1%. S&P 500 futures were up 2.75 points or 0.18%. China's Shanghai Composite slid 0.26% in early trade and Hong Kong's Hang Seng 0.28%. Japan's Nikkei lifted 0.61%.

Crude oil futures recovered eight cents this morning to US$43.28 a barrel. Spot gold was 40 cents firmer at US$1,166.20 an ounce.


Slow week for index traders, I imagine, but plenty happening beneath the surface. The fact the XJO has held its ground has to be bullish - very little selling pressure/profit taking. Trading: needed patience on CAJ but it came good. Scalped something out of CTP. Dipped a toe in PEN - someone is taking anything offered below that blocking sell order. Also EMH.