Day Trading 1 Mar Pre Market

Morning All
Thanks AM crew

The ASX is set for a mildly weaker open today after US markets fell out of sync with tracking price overnight and fell despite firmer oil prices.
SPI futures point to a 12 point weaker opening

European shares rose on Monday as a decision by China to resume its easing cycle more than offset disappointment over the G20 meeting failing to agree new measures to boost growth.
The pan-European FTSEurofirst 300 index ended up 0.7 percent at 1,313.
Sentiment however was fragile due to worries over growth.
"Ongoing investor worries about deflation and other economic risks mean the potential gains for the markets may be limited unless we see a marked improvement in global data," Gain Capital analyst Fawad Razaqzada said. 1
In Europe, Stoxx 50 +0.6%, FTSE flat, DAX -0.2%
In London, BHP +1.7%, Rio +2.3% 2

U.S. indexes gave up early gains despite a 3 percent rally in U.S. oil prices. Stocks and oil have been strongly correlated in recent months as crude prices tanked to decade lows.
Strong data, including improving consumer spending trends, released last week suggested the U.S. economy was recovering better than expected, raising expectations that the Federal Reserve will hike rates this year.
Following gains last week, technical trading dominated the action as the S&P 500 fell below its 50-day moving average. The index rose above the average on Thursday for the first time this year.
"If stocks rally up to a declining 50-day average, people will sell against that," said Michael Matousek, head trader at U.S. Global Investors Inc in San Antonio. "From a psychological standpoint, you have that overhead resistance at that level." 1
S&P -.75%
Nasdaq -.75%

Hedge funds and other speculators increased their net-long position in West Texas Intermediate futures and options by 14 per cent to the highest level since November in the week ended February 23, according to US Commodity Futures Trading Commission data.
"Talk of an output freeze scared a lot of the weaker shorts," said John Kilduff, a partner at Again Capital LLC, a New York-based hedge fund that focuses on energy. "There's been a lot of talk and no action yet, but it's had an impact. The fundamentals of the market haven't changed." 2
Oil $33.85 + $1.07

Iron ore up 2.8% @ $US49.62 per tonne

Gold prices ended the U.S. day session on its' highs, on safe-haven demand and chart-based buying. The yellow metal had the best upside monthly performance in about four years. Prices are up around 15% so far this year. April Comex gold was last up 1.5% at $1,239 an ounce. 3
XAU +6%
HUI +4%
AUD Gold $1735

AUD .7136

On Today
RBA rate decision 2.30pm
Local data: Balance of Payments Q4 (11:30am)
Building Approvals Jan (11:30am)
Local earnings: Australian Ag, Bitcoin Group, Coffey Intl, Tasfoods


Have a good day


1 Reuters
2 SMH
3 *****