Afternoon trading Nov 16

Thanks Oscar and morning crew.


Half-time round-up:

A three-year low in unemployment boosted the dollar and helped the share market reverse a fifth day of losses.

The ASX 200 hit a two-week trough before reaching the halfway mark steady at 5935. Energy stocks rebounded 1.5% and there were gains for the consumer discretionary sector +0.5% and gold +0.4%, offsetting falls in consumer staples -0.5%, utilities -0.3% and financials -0.2%.

The dollar pushed briefly back above 76 US cents on news that the jobless rate dropped to 5.4% last month from 5.5% in September on jobs growth of 3,700. The unemployment rate was the lowest since early 2013. Read more here. The dollar was lately buying 75.96 US cents.

A loss today would lock in the share market's longest losing streak since May. However, the retreat has been restrained, with the ASX 200 still a little more than 100 points off last week's nine-year high.

"The correction that we have seen in Asian, European and US equities; emerging markets; junk bonds; carry trades; and jump in volatility measures is nowhere near extreme levels," IG's John Kicklighter warned Fairfax. "Shares are still within arm's reach of record or decades' highs while many of these other benchmarks for sentiment have only taken a few steps from pricing perfection. And yet, concern is palpable. It is as much the rarity of market retreats recently as the clear correlation of assets that otherwise would not conform without a shove from risk appetite that adds such concern to investors. A market that depends on extreme quiet for performance is not a healthy one."

A mixed morning in Asia saw China's Shanghai Composite down 0.27%, Hong Kong's Hang Seng up 0.26% and Japan's Nikkei up 0.54%. Dow futures were recently ahead 17 points or 0.07%.

Crude oil futures edged up two cents or 0.04% this morning to US$55.35 a barrel. Gold futures rose $1.20 or 0.1% to US$1,278.90 an ounce.


Another day of ducking and diving. There were signs of tentative reversals yesterday in some of the most beaten-up specs, offering hope the minnows may have come back far enough to encourage buying. That gave me renewed confidence today. Traded PIO three times, also DHR and WHA. Off to the city now for a wedding. I should be back in time to open this slot tomorrow, but if nothing has happened by 1.02, please someone throw up a thread-starter - I may have become unavoidably detained at the bar. Thanks and apologies in advance. Hic.