daytrade diaries... september 3, page-20

Good morning,

US Stocks slipped Wednesday, ending a choppy session lower following the previous day's battering as nervous investors continued to worry that the market rally may have outpaced any recovery.

The Dow Jones industrial average (INDU) lost 30 points, or 0.3%. The S&P 500 (SPX) index slid 3 points, or 0.3%. The Nasdaq composite (COMP) managed a tiny gain of 2 points, or 0.2%.

Some analysts are saying "Investors have built in a lot of the numbers we've been seeing showing economic improvement. What they want to see now is some of that improvement manifesting in topline growth for businesses, not just cost cutting."

LONDON - In Europe, the markets were down for most of the day following Asia's weaker lead but, with Wall Street holding its own in cautious trade, investors were emboldened to look for bargains, erasing most of the losses.

London's FTSE 100 index of leading shares slipped 2.15 points, or 0.04 per cent to 4817.55.

FRANKFURT - The DAX lost 7.45, or 0.14 per cent, to settle at 5319.84.

PARIS - The CAC 40 index declined 10.31 points, or 0.29 per cent, to close at 3573.13.

Oil prices were flat on Wednesday despite an Energy Department report showing a drop in crude and gasoline supplies.

Benchmark crude for October delivery closed where it began at $US68.05 a barrel on the New York Mercantile Exchange. The contract lost $US1.91 on Tuesday.

The Australian share market is expected to fall after US equities declined on a report that showed more people lost their jobs than expected.

At 0701 AEST on the Sydney Futures Exchange, the September share price index contract was 17 points lower at 4419.

In economic news, the Australian Industry Group and Commonwealth Bank release the Australian Performance of Services Index (Australian PSI) for August.

The Australian Bureau of Statistics releases international trade data for July.

Analysts have raised concerns that the Australian market may have risen faster than could be justified by fundamentals, with many companies still cautious in their outlooks.

Gold up $22 to US$978.50 an ounce [the biggest one-day jump since March 19]
Silver up 30.5c to US$15.365 an ounce
Copper up 0.75c at US$2.8260 a pound

http://www.marketwatch.com/
http://www.thebull.com.au/
http://www.news.com.au/business/

Did you know?

Stocks can be highly volatile and if you don't keep a close eye on how your stocks move, you can really lose a lot of money really quickly. If you are trading short term then you need to make sure you at least have the following safety measures in place.

- Check the history of the stock
Day traders often just look at short time frames which can be dangerous. Always make sure you check a longer history of the stock to make sure you aren't in for any nasty surprises.