Market wrap: anyone hoping for a sharp bounce back in US markets after Tuesday's heavy losses will be disappointed this morning. The major indexes closed mixed and near flat after trading in a tight range all day. Banks, airlines, natural gas and biotechs lost ground, with gold one of the few bright spots as the price rose 1% to a new 2009 high of $978.
Oil rallied sharply but briefly in afternoon trade but was recently down 1% at $34.58. Copper rose from a two-week low on signs of Chinese buying but nickel continued its month-long slide.
The SPI says we're destined for a fourth consecutive day of losses, down 19 points at 3358.
The short-term future is too uncertain at present to hold overnight IMO, so I'll continue to look for quick scalps in oversold stocks. Yesterday's volatile action delivered small profits in stocks like BXB, WDC, QBE (twice), AMP and CCL. Company reporting season is a happy hunting ground with plenty of action around. Companies due to report today include ABC, AMP, CAB, IOF, IVC, LGL, MIG, STO, HSP, ILU, AIX, SGM and QAN.
