Day Trading 3 Feb Pre Market

Morning all
Thanks to regulars

Another tumble in the oil price overnight has dragged markets sharply lower.
ASX futures are 68 points lower at 4874

U.S. and European stock indexes fell steeply on Tuesday as buyers sought safe-haven government bonds after another rout in oil prices.
Benchmark Brent crude settled down 4.4 percent, while U.S. crude fell 5.5 percent, settling below $30 a barrel. A deal between oil-producing nations to curb a massive supply glut looks to be off the table.
The prolonged crude slide was reflected in results from oil major BP whose shares slumped 91% after it posted a $6.5 billion loss for 2015. They will also shed 7000 jobs.
"February, March and April will be very tough for the oil market," said Scott Roberts, portfolio manager and co-head of high yield who manages $US2.7 billion at Invesco Advisers in Atlanta. "Oil supplies are so high that it's reasonable to expect a retest of the recent lows during the next few months." 1

The Dow average tumbled as Exxon Mobil fell after reporting its biggest earnings slide in more than a decade, while Goldman Sachs Group headed for its biggest rout since 2012
"Rallies right now are short, sharp and don't last very long," Michael O'Rourke, chief market strategist at JonesTrading Institutional Services LLC, said by phone. "A lot of last week's rally was a technical, one-time thing." 1
S&P -1.9%
Nasdaq -2.1%

Gold prices ended the U.S. day session steady Tuesday, after earlier profit taking and technical chart consolidation and hitting a three-month high earlier in the day. A sell-off in the U.S. stock market did limit the downside for safe-haven gold. Also, gold bulls still have some technical momentum on their side as prices are in an uptrend on the daily bar chart. 2
Gold $1128
HUI -2%
AUD Gold $1601

Iron ore + 1.9% to $US43.84 per tonne

Oil $29.90 -$1.72

AUD .7051

Today
US services PMI January, US ADP employment data.
BoJ governor Haruhiko Kuroda speaks in Kyodo.
Earnings: Merck, GM, GlaxoSmithKline

Have a good day



1 SMH
2 *****