Day Trading June 8 afternoon

Thanks Zero and morning crew.


Half-time round-up:

A plunge in oil prices overnight helped push the share market to a fresh four-month low before a partial recovery by lunchtime.

The ASX 200 dived to 5630, its weakest point since early February, but edged up one point or 0.1% to 668 at the halfway mark. The energy sector fell 1.4% after crude sank 5% overnight as a surge in US inventories raised doubts over OPEC's success in reducing global output. Other pressures included telecoms -1.5%, gold -1.1% and IT -0.8%. On the other side of the ledger, the health sector rose 1.8%, utilities 0.3% and financials 0.5%.

Global markets have been subdued this week by a European Central Bank rate statement and UK election tonight, plus testimony by former FBI Director James Comey.  Asian markets barely moved this morning. China's Shanghai Composite dipped 0.09% and Hong Kong's Hang Seng 0.02%, while Japan's Nikkei edged up 0.05%. Dow futures were recently up 14 points or 0.07%.

"Markets have been on edge all week awaiting the coming events," ANZ Head of FX Research Daniel Been told CNBC. "While the results of the various events could matter for individual markets, for broader markets it could once again be a case of 'as you were'. Nonetheless, one can't ignore the risks."

Crude oil futures bounced 24 cents or 0.52% this morning to US$45.96 a barrel. Gold futures shed $4.10 or 0.32% to US$1,289.10 an ounce. The dollar was buying 75.42 US cents.


Been a gloomy week on the XJO. The 'Trump uptrend' now looks well and truly broken, and a new downtrend firmly established in its place - lower lows, lower highs. 5600 looks a key support level. Meantime in spec world, there is more life this week and a return to runs/breakouts lasting more than a session. Bodes well for the immediate future. Trading: missed DCC at the low but got into the rebound in EOS.