Shares are lower for a second day, despite US futures strengthening with Asian markets this morning.
At lunchtime the ASX 200 was down 6 points or 0.15% at 4493, led by further falls in Telstra, industrials and utilities as a range of companies traded without their dividends. The financial and materials sectors both advanced. The energy sector fell 1% after the price of crude oil plummeted overnight.
US futures kicked higher this morning as Asian markets found support in reports that a deal has been struck to solve Greece's immediate debt problems. Dow futures were recently ahead 43 points or 0.4%. Japan's Nikkei rallied 0.28%, Shanghai 0.46% and Hong Kong's Hang Seng 1.29%.
A rebound in crude oil from last night's steep fall partially unwound. Crude futures retraced 41 cents this morning to US $91.89 a barrel. Spot gold was 30 cents weaker at US $1,521.70 an ounce. The dollar was buying US $1.0531.
Hoped we'd see more strength in the market this morning, but the buyers' strike continues despite encouraging signs for tonight in US futures. When conditions are good and I'm relaxed and trading well, I turn on music in the late morning. Realised today that I haven't had music on in a couple of weeks. Caution is my current watchword and cautious trades don't make for enormous profits. Scalped APA and AYN this morning for a meagre day's wage. Took a speculator in TSE for any arvo recovery. Added some NDO for a medium-term hold - director bought yesterday, possible double bottom forming and volume has ticked higher today. Tight stop.
