daytrading dec 15 afternoon

Thanks Endless. Half-time round-up:

Sharp falls in resource stocks steered the ASX 200 to a new two-week low this morning as Asian markets retreated ahead of this afternoon's Chinese manufacturing update.

At lunchtime the ASX 200 was down 65 points or 1.6% at 4124 with all sectors except IT (+0.4%) losing ground. Overnight falls in commodity prices dragged gold stocks down 3.8%, metals & mining 2.7% and energy 2.5%.

Asian markets retreated for a third day ahead of the 1.30pm AEST release of the HSBC flash Chinese manufacturing index. Japan's Nikkei dropped 1.26% after the Tankan index of manufacturing sentiment fell more than economists expected. Shanghai 0.83% and Hong Kong's Hang Seng 2.03%. Dow futures were recently ahead nine points or around 0.1%.

"Concerns about the outlook for the euro-zone are leading portfolios away from risk," strategists at Barclays Capital told MarketWatch. "Equities and commodities... underperformed a still-sinking euro."

Crude oil futures were little changed, up four cents this morning to US$94.97 a barrel. Spot gold was $2.90 softer at US$1,573.10 an ounce. The dollar was buying 99.04 US cents.


Tough morning. Well done to you if you made money anywhere other than MGK or shorts. I stuck to bounce trading but found that in these conditions most shares don't bounce so much as splat like broken eggs. Most of my positions are flat or barely ahead. Holding NXS, WHN, ABU and MTE. Some very tempting falls elsewhere but I'm not game to take on more until the Chinese figures are out.