Daytrading August 19 afternoon

Thanks Oscar and morning crew.


Half-time round-up:

A directionless week on the share market looks set to end with a modest weekly loss despite a minor rally this morning.

At 1pm EST the ASX 200 was ten points or 0.2% ahead at 5518 and on track to closer lower for a second week in three. A narrow, range-bound week saw the index trade no higher than 5550 and no lower than 5499 as investors mulled a mixed domestic corporate reporting season and an absence of global catalysts.   

Declines in gold stocks -0.7%, energy -0.1% and industrials 0.1% took the edge off rises in utilities +1.3%, metals & mining +0.8% and telecoms +0.5%. The financials sector was flat followed ratings agency Moody's decision to downgrade its outlook for five banks to 'negative' from 'stable'.

"The outlook change for Australia's four major banks reflects Moody's expectation of a more challenging operating environment for banks in Australia for the remainder of 2016 and beyond, which could lead to a deterioration in their profit growth and asset quality, as well as increase in their sensitivity to external shocks," said Moody's in a note quoted on CNBC.

Asian markets were little changed. China's Shanghai Composite shed 0.21%, Hong Kong's Hang Seng 0.54% and Japan's Nikkei 0.07%. Dow futures were recently down 19 points or 0.1%.

Crude oil futures edged up five cents or 0.1% this morning to US$48.27 a barrel. Gold futures were $5.10 or 0.38% lower at US$1,352.10 an ounce. The dollar was buying 76.45 US cents.


A 'nothing' week so far as the index is concerned. Bit more life in the specs after a lull. Still, we could use a few new growth drivers to get the excitement levels up. That and wrapping up the Olympics would improve my trading. Speaking of which: Took something out of WHC after three dips during that wild plunge. EWC also gave something.