Daytrading June 16 afternoon

Thanks Brit. Hope things settle down for you. Well done, Oscar, for stepping up mean-time.


Half-time round-up:

The ASX pared five days of losses before the rebound ran out of steam amid tepid economic data and losses on Asian markets.

At 1pm EST the ASX 200 was 16 points or 0.3% ahead at 5163 after earlier rising as much as 52 points. The early gains dissipated as key Asian markets trended lower and May employment data offered no surprises. China's Shanghai Composite was lately down 0.43%, Hong Kong's Hang Seng 2.02% and Japan's Nikkei 1.1%. Dow futures were recently off 21 points or 0.12%.

Figures released at 11.30am EST showed the economy added 17,800 jobs last month, compared to expectations for growth of around 15,000. All of the jobs created were part-time. The jobless rate held steady at 5.7%. The dollar barely reacted, last buying 73.96 US cents.

Overnight, the S&P 500 fell for a fifth straight session after the Federal Reserve indicated concerns about the pace of the US economy.

“Without something to push equities higher, besides low rates, we’re losing steam,” Bill Schultz, chief investment officer at McQueen, Ball & Associates in the US, told Bloomberg. "With uncertainty around the British vote later this month, the path of least resistance seems to be down.”

The gold sector led this morning's Australian rally, rising 3.6% as gold futures broke above US$1,300 an ounce. US futures were lately up $13.40 or 1% at US$1.301.70 an ounce. Other pockets of strength this morning included consumer discretionary +1.4%, telecoms +1.3% and metals & mining +1.2%.

The energy sector slid 0.7% after crude oil fell for a fifth session. WTI futures were lately down 44 cents or 0.9% to US$47.57 a barrel.


The index was due a bounce after five days of falls, but it doesn't look like buyers are inclined to hang around. Volumes are elevated by the expiry of the June index contract. Can't draw too many conclusions from index expiry days - things go on beyond the understanding of the humble retail trader. Trading: good day to be my broker. In and out of MPL, APY and WGL for brokerage. However, still ahead thanks to wins in WGL (2nd buy) and AWC. Goes to show that you can be wrong more often you're right in trading and still make money so long as you're quick to acknowledge when you're wrong (Trading Tip #34).