Day Trading 2 Feb Pre Market

Morning all
Thanks AM crew
Thanks Mitta for yesterday

A late reversal in US markets after early falls points toward a flat opening for the ASX
March SPI futures are 1 point lower at 5001

Earlier European stocks marched to the same pattern, closing well off their session lows, though still in negative territory.
STOXX 50 -.65%
DAX -.4%
FTSE -.3%

Strong gains in Facebook, Twitter and Alphabet helped reverse early losses late into the close.
Weak Chinese economic data continued to weigh on sentiment earlier in the session amid concerns about a global slowdown, and oil prices resumed their slide. The manufacturing sector in the world's second-largest economy contracted in January at the fastest pace since 2012.
"If you see strength in the last hour, that's very bullish," said Bucky Hellwig, senior vice president at BB&T Wealth Management in Birmingham, Alabama.
"What this is telling me is that maybe we don't want to be short going into a period of time when maybe the Fed is backing off of its rate increases." 1
Traders now expect the Fed to scale back the number of rate hikes this year, pricing in only a 17-percent chance that the Fed will raise rates in March, according to CME Group's FedWatch.
S&P +.2%
Nasdaq +.3%

West Texas Intermediate (WTI) slid to its biggest daily loss in five months, down 6.9 per cent to an intraday low of $US31.29 in volatile afternoon trading. Oil prices slid sharply on weak economic data from China, a US forecast for mild weather and growing doubts that OPEC would reduce the swelling global supply glut. 2
Oil $31.53 -$2.09

Iron ore + 3.1% @ $US43.02 per tonne

Gold prices ended the U.S. day session higher and poked to a three-month high Monday. Continued safe-haven demand and technical buying interest are featured in the yellow metal so far this year. Some of the money flowing out of world stock markets early this year is moving into the safe-haven gold market. April Comex gold was last up $11.10 at $1130 an ounce. 3
HUI +3%
AUD Gold $1586

AUD .7118

On Today
Reserve Bank of Australia interest rate decision,
ANZ-Roy Morgan weekly consumer confidence survey
Bitcoin Group expected to list on the ASX.
Euro zone unemployment data.
US auto sales.
Earnings: Dow, Exxon, Pfizer, UPS, BP


Have a good day

1 Reuters
2 SMH
3Kitco