daytrades june 20 afternoon

Thanks Tweets. Half-time round-up:

The big banks have steered the Australian share market higher for a second day despite weakening US futures after European governments postponed a decision on further aid for Greece.

At lunchtime the ASX 200 was ahead 7 points or 0.15% at 4492 as gains in financials, industrials and defensive stocks outweighed a soft session for miners and small caps.

"What we're seeing here is a cautious return to the markets by investors," Michael McCarthy, chief market strategist at CMC Markets, told Fairfax.

The market pared initial gains after news broke that a meeting of European officials overnight failed to release further funds to Greece to prevent a default. A meeting of euro-zone finance ministers postponed decisions on the next aid instalment and a second package until early July.

"We forcefully reminded the Greek government that by the end of this month they have to see to it that we are all convinced that all the commitments they made are fulfilled," Luxembourg Prime Minister Jean-Claude Juncker told Bloomberg.

Asian markets were mixed. Japan's Nikkei rallied 0.59%, Shanghai fell 0.62% and Hong Kong's Hang Seng put on 0.47%. Dow futures were recently at -37.

Crude oil futures fell another 71 cents this morning to US $92.30 a barrel as further weakness in the euro drove the US dollar higher. Spot gold was $1.90 weaker at US $1,538.10 an ounce. The dollar was buying US $1.0609.


Slightly surprised to see the markets doing as well as they are this morning in light of yet another European stand-off over Greece. US futures are deteriorating. Trading conditions remain very tough indeed imo. I confess that my usual strategies are not paying off right now and a couple of days away won't do me any harm. Taken speculators in KAR and FMJ this morning but it seems no retreat is big enough to encourage bargain hunting.