daytrades may 10 pre-marlet, page-27

Good Morning,

US Stocks slumped Friday, with the three major indexes ending in negative territory for the year as investors mulled the Greek debt crisis and the aftermath of one of the most gut-churning days in Wall Street history.

The Dow Jones industrial average (INDU) lost 140 points, or 1.3%, after seesawing in the morning, having gained as much as 59 points and lost as much as 279 points. The S&P 500 index (SPX) lost 17 points, or 1.5%. The Nasdaq composite (COMP) lost 54 points, or 2.3%.

All three indexes ended in negative territory for the year. All three indexes also closed lower for the fourth straight session and the second straight week.

The selloff from the late April highs has been substantial enough that the Nasdaq, with a loss of 10.5%, is now considered to be in a correction.

The Dow and S&P 500 are also approaching double-digit losses, down 7.4% and 8.7% respectively.

Analyst said "Investors are very confused about how the market could drop hundreds of points in minutes, and until there are concrete answers, they aren't going to feel better. The market erased two months of gains in a few days, and its nerve wracking,"

LONDON - European stock exchanges suffered sharp falls on fears that the Greek debt crisis could drag down the world economy.

The London FTSE 100 index shed 137.97, or 2.62 per cent, to 5,123.02.

FRANKFURT - The DAX 30 closed down 193.17 points, or 3.27 per cent, at 5,715.09 points.

PARIS - The CAC 40 index closed down 163.52 or 4.60 per cent, at 3,392.59 points.

TOKYO - Japan's key stock index ended down 3.10 per cent at a two-month low on Friday, the second consecutive day of sharp declines after US shares saw a record drop due to the Greek debt crisis.

Oil prices fell further on Friday as the dollar hovered around 14-month highs against the euro following positive US jobs data.

New York's main contract, light sweet crude for June delivery, shed $US2.00 to $US75.11 a barrel.

The Australian stock market is expected to open lower, after a plunges on most major markets around the world last week.

At 0651 AEST on the Sydney Futures Exchange, the June share price index contract was 49 points lower at 4,425 points.
In economics news on Monday, ANZ Banking Group releases its job advertisements survey for April, and National Australia Bank issues the results of its monthly business confidence survey, also for April.

GOLD up $13.10 to US$1,210.40 an ounce
SILVER up 93.6c to US$ 18.451 an ounce
COPPER up 2.75c at US$3.1445 a pound

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

Patience, Decisiveness, and Calmness

Patience
When non traders imagine day traders, many people think of traders in a trading pit, wearing brightly colored jackets, shouting and waving their arms about. While this may have been true once, it is no longer an accurate image of day trading. Modern day trading is performed by sitting quietly in front of a computer, waiting anywhere from a few minutes, to several hours, or even days, for the next trade to come along. Being able to wait patiently is a necessity, otherwise you will find yourself taking trades that are not part of your trading system (known as making up a trade), and most likely losing money on them. Waiting patiently does not necessarily mean doing nothing, and there are many things that you can do while you are waiting for your next trade. Some day traders join live trading rooms where they can interact with other traders, some traders play computer games and watch movies, and many day traders eat their meals while they are trading (breakfast often coincides nicely with the market open).