Day Trading 10 Mar Pre Market

Morning all
Thanks AM crew Dooley (K.B.C.G, V.C, A.M), Trees, Shants, Rav, Mike

The local bourse is set to open slightly firmer after a strong rebound in oil underpinned modest gains in US markets.
Yesterday, the ASX ended 49 points higher, reversing an earlier .5% loss as big banks and healthcare stocks led the way.
SPI futures are 11 points higher at 5166

Wall Street was higher on Wednesday as a strong recovery in oil prices pushed energy shares higher.
Volatility in oil and stock prices has been linked for much of 2016 to a degree that has surprised many investors. Wednesday's market action extended that trend, with Brent crude rising above $40 a barrel, continuing its recovery from decade lows that led to stock market turmoil in January.
"It's this puzzling correlation between the price of oil and stocks," said Jake Dollarhide, chief executive officer of Longbow Asset Management. "But given that oil drove the U.S. stock market down, it makes sense that stocks' rise would be tied to oil's comeback." 1
S&P +.5%
Nasdaq .6%

Iron ore lost a hefty 8.8% after futures were sold down in Singapore and China. $58.02

A larger than expected drop in US fuel inventories led the oil price over 4% higher.
Oil $38.20

Base metals rebounded as investors bought back into the market amid hopes production cutbacks would lead to firmer prices.
Copper +2%
Nickel +4.3%
Zinc +2.1%

Gold prices ended the U.S. day session modestly lower on some profit-taking from the shorter-term traders and on some technical chart consolidation. This backing and filling on the charts is not uncommon and is actually a healthy sign for the gold market bulls, as it suggests the price uptrend on the daily chart can continue. 2
Gold $1250
HUI +1%
AUD Gold $1670

AUD .7486

Have a good day

1 SMH
2 *****