Day trading pre-market open July 5

Morning traders. I've come late to the discussion yesterday about posting rules and moderation, and will try to pull together a few thoughts later on.

Overnight round-up and day ahead:

Stocks look set to open near yesterday's eleven-and-a-half-year high after a subdued night on global markets as Wall Street closed for the Independence Day holiday.

The SPI 200 index futures contract eased two points or less than 0.1 per cent to 6660 in thin trade. The benchmark local index, the ASX 200, yesterday rose 33 points or 0.5 per cent to close at its highest level since the early days of the financial crisis.

Without American money to propel it, the global money go-round slowed significantly in the last 24 hours. European stocks barely moved, Asian markets were mixed and moves on commodity markets were limited.

Investors looking for positive signals for today's session may take heart from White House claims that trade talks with China will resume next week. White house Economic Advisor Larry Kudlow told reporters negotiators were talking by phone and intended to set up face-to-face meetings as soon as next week.

The pan-European index, the Stoxx 600, edged up 0.09 per cent after Italy submitted fresh proposals to bring its debt within European Union rules. Italy's benchmark index, the FTSE MIB, was the only market to see real gains, rising 0.98 per cent. Germany's main index ticked up 0.11 per cent, France's key index added 0.03 per cent and the FTSE in the UK fell 0.08 per cent .

Asian markets closed mixed yesterday. China's Shanghai Composite eased 0.33 per cent, Hong Kong's Hang Seng lost 0.21 per cent and Japan's Nikkei put on 0.3 per cent.

A setback in the iron ore price dragged the big two Australian miners lower in overseas trade. BHP's UK listing shed 1.64 per cent and Rio Tinto 1.11 per cent after Chinese spot ore dropped $4.05 or 3.2 per cent to $US122.30 a dry ton.

Oil retreated in thin trade after US crude stockpiles reduced less than analysts expected last week. Brent crude settled 52 cents or 0.81 per cent lower at $US63.30 per barrel.

Gold:

Zinc fell to a two-week low amid supply worries. On the London Metal Exchange, zinc dropped 1 per cent and is now more than 30 per cent below last year's peak. Copper closed unchanged, aluminium climbed 1 per cent and tin 0.2 per cent. Nickel and lead were both bid 0.1 per cent lower in closing rings.

Gold softened in thin electronic trade. August gold was lately off $3.50 or 0.2 per cent at $US1,1471.30 an ounce.

Here, the dollar dipped a little more than a tenth of a cent to 70.2 US cents.

A slow end to the week likely ahead here on the ASX. Wall Street returns to work tonight for a session likely to be dominated by the monthly employment report. In the topsy-turvy world of trading, a weak report is likely to be seen as a positive because it would increase the likelihood of rate cuts.

Breakfast

Today is National Workaholics Day, which is ironic, since there may not be a lot to keep traders busy. Still, a trader's gotta eat. We're off to Hawaii for a National Hawaii Day buffet breakfast. Dig in.