Day Trading 9 Dec Pre Market

Morning all

Our markets look to extend losses following US weakness and crude prices plumbing fresh lows below $37 before settling higher.
Dec. SPI futures sit 23 points lower at 5086

European shares fell on Tuesday, with mining shares led lower by a slump in Anglo American to a new record low, and a top pan-European index falling to a 6-week low.
"So much was hinging on the ECB coming up with the goods last week, but market expectations were such that it was doomed to disappoint, and we've been picking up the pieces ever since,"  said Markus Huber, senior analyst at Peregrine & Black.
The FTSE index fell 1.3 percent to 6135 points, its lowest close since late October, with the STOXX Europe 600 Basic Resources sector dropping 6.6 percent to its lowest level since March 2009.
The DAX finished 1.8% off.

U.S. stocks were down in a choppy trading session on Tuesday as oil prices pressured energy materials stocks for a fifth day and weak Chinese trade data reignited some fears of a global economic slowdown.
Crude prices hovered near their 7-year lows after U.S. crude dipped below $37 per barrel and Brent fell below $40 for the first time since early 2009.
This was after data released overnight showed China's imports fell for the 13th consecutive month, with an 8.7 percent decline in November compared with a year earlier.
"That didn't help matters and oil continuing to drop is weighing on the energy sector as well as sectors that are exposed to energy such as industrials and materials," said Paul Hickey, co-founder of Bespoke Investment Group LLC, a research firm in Harrison, New York. "There's a lack of a positive catalyst right now."
Oil major Exxon (XOM.N), down 2 percent, was the biggest drag on the S&P. The S&P energy sector .SPNY was down 0.95 percent, on track to close down for the fifth straight day. The sector has lost more than 9.8 percent since Dec. 1.
"We do think oil is putting in a bottom here as U.S. production is expected to fall and view this as a good buying opportunity," said Gary Bradshaw, portfolio manager of Hodges Capital Management in Dallas, Texas.
The S&P 500 lost 1.2%
Nasdaq flat off 3 points

China's trade performance remained weak in November, casting doubt on hopes that its economy would level off in the fourth quarter and spelling more pain for its major trading partners.
"It is increasingly become clear that the world's second largest economy is still far off from turning the corner despite countless measures like several rate cuts," Markus Huber, senior analyst at Peregrine & Black, said.
Chinese exports fell a worse-than-expected 6.8 percent from a year earlier, their fifth straight month of decline, while imports tumbled 8.7 percent, their 13th drop in a row.

The House of Pain

Oil was little changed after touching the lowest level in almost seven years following OPEC's decision to abandon the groups production limits.
Futures dropped as much as 2.7 per cent and climbed as much as 2.5 per cent in New York. The Organisation of Petroleum Exporting Countries set aside its output target of 30 million barrels a day and endorsed current output of about 31.5 million at its December 4 meeting in Vienna. Money managers' net-long position in West Texas Intermediate oil, which bets on a gain, fell to a five-year low in the week ended December 1, government data show.
Oil $37.55



Spot iron ore has extended its rout plumbing fresh lows, and softer futures suggest further weakness for the steelmaking commodity already down by nearly half this year amid a global glut.
China's iron ore imports rose 8.8 per cent in November from the previous month to 82.13 million tonnes, customs data showed, although the spike must have been due to some "opportunistic buying" as prices fell, said Daniel Hynes, senior commodity strategist at ANZ.
Benchmark 62-per cent grade iron ore for delivery to China's Tianjin port fell 0.3 per cent to $US38.80 a tonne on Tuesday, according to The Steel Index (TSI), falling for an eighth straight day. It was the lowest on record by TSI since it began collecting data in 2008.

Copper and lead improved .5%, nickel lost 1%

Gold prices ended the U.S. day session near unchanged levels Tuesday. Some late short covering in the futures market and bargain hunting in the cash market did lift prices up from their daily lows.
Gold$1073 + .25%
AUD Gold $1490
HUI -1.2%

AUD 72.08

Today's news

MI inflation
Unemployment figures

US - Wholesale inventories
Oil inventories*
Mortgage applications

Have a good day