Day Trading Pre Open - 27 November 2018

Good Morning Fellow Traders,

Thanks @Quantum Torus @Ravgnome and AM Loungers.

Special thanks this morning to some of the posters who provide us with some pretty great commentary each day. There are probably others but @highlandlad, @paddington bear and @Jako8557 (who can be found on the Really Fat Pizza thread) are worthy of special mention.

The Australian share market suffered broad-based losses but it was the commodity-related stocks bleeding red which was the biggest drag on the indices.

The benchmark S&P/ASX200 index was down 44.6 points, or 0.78 per cent, at 5671.6 on Monday, while the broader All Ordinaries was down 0.74 per cent.

Energy and materials stocks suffered heavy losses after iron ore prices fell four per cent and oil has now plummeted more than 25 per cent in the last month-and-a-half, CommSec chief market analyst Steven Daghlian said.

"Around three quarters to 80 per cent of the market's losses today are just from those two sectors," he said.
"When that happens, it's hard to shake off."

The market will continue to be exposed to volatility until the US and China leaders meet at the G20 summit in Argentina on Friday when investors are eagerly awaiting positive dialogue to ease trade tensions, Mr Daghlian told AAP.

Market giants BHP and Rio Tinto both fell further throughout the day, down 3.6 per cent to $30.43 and 3.6 per cent to $74.05 respectively, while BlueScope and Fortescue lost 5.8 and four per cent.

Gold miner Newcrest lifted 0.5 per cent to $21.32, Saracen gained 1.2 per cent, while Evolution lost 0.3 per cent.

A near eight per cent drop in the oil price - the seventh consecutive weekly loss - caused US stocks to suffer their biggest Thanksgiving-week drop since 2011.

Oil Search, Santos, and Origin were down between 3.9 and 4.7 per cent, while Woodside lost 2.3 per cent to $31.37.
Westpac was the only one of the big four lenders to end the day in negative territory, down 0.4 per cent to $25.95, despite a sector-wide loss of 0.2 per cent.

NAB had the strongest gains of the four, up 0.5 per cent to $24.61, while Macquarie Group lost 0.9 per cent to $113.46.
The health care sector fell more than one per cent, dragged down by benchmark CSL which lost 1.4 per cent to $179.70.

Tech, consumer staples, and telco stocks were also all lower.

Sydney saw a jump in auction activity but the nation's property market is still in a rut, with fewer capital city homes put under the hammer last week and the national clearance rate lagging near a six-year low.

The Australian dollar found support as Asian markets steadied on hopes for progress on China-US tariffs at the anxiously awaited summit meeting.
The Aussie was buying 72.47 US cents at 1630 AEDT compared to 72.49 on Friday.

ON THE ASX:
* The benchmark S&P/ASX200 index closed down 44.6 points, or 0.78 per cent, at 5671.6
* The All Ordinaries closed down 43.1 points, or 0.74 per cent, at 5750.3
* At 1630 AEDT, the SPI200 futures index was down 26 points, or 0.46 per cent, at 5677.0

CURRENCY SNAPSHOT AT 1630 AEDT:
One Australian dollar buys:
* 72.47 US cents, from 72.49 US cents cents on Friday
* 82.08 Japanese yen, from 81.82
* 63.89 euro cents, from 63.50
* 56.55 British pence, from 56.28
* 106.72 NZ cents, from 106.42

GOLD:
The spot price of gold in Sydney at 1630 AEDT was $US1,225.09 per fine ounce, down from $US1,228.07 on Friday.

Wall Street rebounded on Monday as buyers returned in force after last week’s sell-off and expectations of a flurry of holiday cyber-spending drove up shares of online retailers.

The three major U.S. indexes each rose more than 1 percent, and the S&P 500 was setting a course for its biggest percentage gain in nearly three weeks. The index on Friday closed 10.2 percent below its record high, confirming a correction for the second time this year.

The expected frenzy of Cyber Monday kicked off as online retailers enticed customers with a blizzard of discounts and free shipping. Cyber Monday spending is seen reaching a record $7.8 billion, according to Adobe analytics.

“We got a bounce after the oversold market coming out of Friday and also due to seasonal factors,” said Bucky Hellwig, senior vice president at BB&T Wealth Management in Birmingham, Alabama. “It looks like so far retail sales have been strong, both with brick-and-mortar and online, which is always a positive.”

E-commerce bellwether Amazon.com (AMZN.O) was up 4.1 percent, providing the biggest boost to both the Nasdaq and the S&P Retail index .SPXRT, which was up 2.3 percent.

Crude oil prices LCOc1 were on track to post their biggest percentage jump in more than a year due to plunging U.S. stockpiles and increasing supply worries, driving energy shares up 1.6 percent.

General Motors Inc (GM.N) announced it would cut production, ax low-selling models and slash its North American headcount in the automaker’s biggest restructuring since emerging from bankruptcy a decade ago. The stock was last up 5.7 percent.

The Dow Jones Industrial Average .DJI rose 279.52 points, or 1.15 percent, to 24,565.47, the S&P 500 .SPX gained 32.68 points, or 1.24 percent, to 2,665.24 and the Nasdaq Composite .IXIC added 108.83 points, or 1.57 percent, to 7,047.81.

All 11 major sectors of the S&P 500 were trading in positive territory.
The technology sector .SPLRCT rose 1.7 percent, following a more than 6 percent slide last week, its worst drop in eight months.

Nvidia Corp (NVDA.O) gained 3.3 percent after Credit Suisse initiated coverage of the chipmaker with a bullish outlook.

Zafgen Inc (ZFGN.O) shares plummeted 43.0 percent after the U.S. Food and Drug Administration put a hold on U.S. trials of the company’s experimental diabetes drug, citing safety concerns.

The third-quarter reporting season is largely in the rear-view mirror with nearly 97 percent of companies in the S&P 500 having reported, 77.9 percent of which beat analyst expectations, according to Refinitiv data.

Investors were looking ahead to the G20 Summit convening in Buenos Aires on Friday and Saturday, with U.S. President Donald Trump and China Xi Jinping expected to meet regarding their two countries’ escalating tariff spat.

Advancing issues outnumbered declining ones on the NYSE by a 1.63-to-1 ratio; on Nasdaq, a 1.43-to-1 ratio favored advancers.
The S&P 500 posted five new 52-week highs and two new lows; the Nasdaq Composite recorded 14 new highs and 80 new lows.


Source: Netwealth Morning Business Roundup

Brekkie is in a bowl this morning - Eggs done how you like them, lots of Veges and Good Tasty Stuff. The Coffee is lined up waiting.



In consideration of others, PLEASE include the STOCK CODE in all your posts.

Happy trading, play nicely and make informed decisions.