daytrade diairies... friday

Morning traders.

Market wrap: traders are waiting for the US reaction to government stress tests on banks, due to be released at 7 am Australian EST. The Wall Street Journal says at least seven banks will be ordered to raise billions in capital. Australian traders will watch how the Dow futures react for a guide to today's likely direction on the ASX.

Wall Street retreated overnight as tech stocks tumbled and a poor response to a bond auction raised demand concerns. The tech-heavy Nasdaq fell 2.5%. The Dow and S&P 500 surrendered early gains to finish down 1.2/1.3% respectively.

Banks (-7.5%) and REITs (-6.5%) were sold off. Biotechs and pharmaceuticals provided a glimpse of green.

Crude was up 4% at one point but slipped during the session to finish just 0.6% higher. Gold was recently trading unchanged from yesterday at $911. Base metals advanced during the session but finished mixed. Nickel and lead held some gains.

Futures traders expect our market to open down around 0.5%, but that could change rapidly at 9.50 am when trading resumes and the US reaction to the stress tests is clearer. The SPI lost 19 points at 3894.

It will be useful to all if someone can post a reliable Dow futures figure nearer our market open. Thanks in advance.

Good luck to all.