daytrade diaries... friday

Morning all.

Market wrap: the Dow Jones index closed at a new bear market low overnight as US markets ground lower. Early optimism faded over the course of the day and the major markets closed down more than 1%. The Dow recorded its lowest close since 2002. Banks and REITs again bore the brunt of the selling, with sector indices closing down 4 - 6%. Gold miners also suffered despite the price of gold holding steady near the recent high.

The big action was in oil, which spiked a whopping 14% or nearly $5 after a US report showed a surprise drop in inventories. Base metals steadied, with copper and nickel recovering some of yesterday's losses.

Our market went its own way yesterday on the back of a raft of better-than-expected profit results and futures traders are none too bearish about today's prospects. The SPI fell 13 points to 3387.

Oilers should do well today. I'll also watch for momentum in some of yesterday's post-report risers - ABC, AMP, CAB, IOF, MIG, STO, ILU and SGM.