Stocks drifted lower this morning after a weak lead from Wall Street.
At lunchtime the ASX 200 was down 15 points or 0.33% at 4830 with the mining sector the major drag on the index at -0.8%. The gold sector was down 0.9% and financials 0.6%. Energy stocks and telecoms led the risers, up 0.8% and 1.5% respectively.
Asian markets were generally softer. The Nikkei lost 0.29% and South Korea was flat. Dow futures were mildly negative at -14. Crude oil futures continued to pull back after breaking $80 overnight, recently trading at $78.59. The spot gold price was also weaker at $1053.50.
Solid morning here thanks to two straight-forward bounce trades. BTA opened low enough to bring in bargain hunters and likely force a few shorts to cover. Nice quick run. Also caught the initial bounce in ALY - the support here was the key but it's looking shaky.
