daytrade diaries... wednesday

Morning traders.

Market wrap: US stocks recovered from early losses to finish near flat after another choppy night of trading. The major indexes swung in and out of positive territory all session before closing down 0.1 - 0.3% lower for a second day of losses.

Airlines, banks and gold miners led the declines. Gold slumped 1.5% to $893.60. Oil and base metals continued to fall on fears about the economic impact of swine flu. Oil slid 0.5% to $49.33.

There's not much there to inspire our market today but futures traders think otherwise, presumably in the belief that our market has 'underperformed' other markets recently. The SPI closed up 31 points at 3707.

Global markets have so far withstood the threat of swine flu pretty well but they're looking very "toppy" and I won't be surprised if we wake one morning soon to find Wall St has tumbled hard. Be careful about holding too many positions overnight.

REITS showed some evidence of a turning point yesterday after a week-long sell-off. I'll watch GPT, GMG and VPG in particular this morning for bounce trades.

Finally, it was disappointing to see some needle creeping into this forum late yesterday. Let's have a good, clean game today. Play hard, take your knocks and shake hands at the end of the match.

Good luck to all.