day trading 05/05 pre market

Dow Jones 20987 minus 6.43
S&P 500 2389 plus 1.39
FTSE   7248 plus 13.57
Dax 12647 plus 119
Oil    $45.43 minus 2.39
Gold $1228   minus $17.62
Orchy bottle with hose No longer available

https://www.thestreet.com/story/141...res-narrow-victory-with-health-care-vote.html


Wall Street struggled for direction on Thursday afternoon after the GOP scored a narrow victory in vote on health care in the House.

The S&P 500 gained 0.06%, the Dow Jones Industrial Average slipped 0.04% and the Nasdaq rose 0.05%.

A House vote to pass an amended health care bill passed the necessary threshold on Thursday afternoon. More than 216 House Republicans voted 'yes' on the Affordable Care Act repeal-and-replace bill. The bill will now be placed on the Senate floor for a vote.

The bill has not yet been evaluated by the Congressional Budget Office, meaning lawmakers do not know how much it will cost and how many people it could throw off of health insurance.

The passage of health care reform is seen as a litmus test for how effective this administration can be. Donald Trump promised massive tax reform and infrastructure spending on the campaign trail. So far, his administration's details of proposed tax changes have been scant.

"This is a good first step toward demonstrating that the Republican majority can come together and compromise on legislation," said Chris Zaccarelli, chief investment officer for Cornerstone Financial Partners. "The broader implication for the market at large is the increased likelihood that tax reform can be passed sooner rather than later. This is the main takeaway and is a positive sign for equities to move higher this year."

Crude oil held onto severe losses that put commodities at their worst levels in months. Crude oil prices were sharply lower on concerns over global oversupply. U.S. inventories fell at a smaller than expected pace in the past week, while U.S. oil production rose for its eleventh straight week.

"Since the start of the year alone U.S. oil output has risen by 520,000 barrels per day," Fawad Razaqzada, technical analyst at FOREX.com, wrote in a note. "This was always going to happen after we had seen sharp and consistent increases in the rig counts as oil prices recovered. But inventories have started to fall back in the past several weeks. If the falls could be sustained, this could put a floor under slumping oil prices in the coming weeks."

Risks to Libyan production eased, threatening to destabilize the slow progress towards a global supply balance. Two of the largest factions in Libya have made progress toward a deal to resolve political unrest and economic conflicts, according to the BBC. Recent conflicts had caused shutdowns at several of Libya's largest oilfields.

West Texas Intermediate crude fell 4.8% to $45.52 a barrel on Thursday, its lowest settlement since November 29

what we can expect

futures currently shows a slow start minus 7 points

AUD continues it's downward spiral (yeah for my super) currently at $0.74

bad day for our Oilers and FE guys


http://www.smh.com.au/business/mini...en-lower-amid-oversupply-20170504-gvyx10.html

Iron ore is in full-scale retreat, with futures in China plunging to end limit-down on investor concern about the outlook for demand in the world's top user, fresh signs of burgeoning supply from Australia and the hostile backdrop of a broad-based sell-off in base metals.
"Iron ore's centre of gravity is constantly moving lower," said Zhao Chaoyue, an analyst at China Merchants Futures Co. "Concerns about the glut have always been there. Port stockpiles are maintaining near a record and there's a consensus that supply will go on expanding, especially in the second half."

have a good day