daytrading jan 30 afternoon

Thanks Endless. Thanks also Gttrain for pointing out the pre-market typo. (Been so long since anyone raised a lending rate that my computer auto-fills "cut" every time I write "rate".)

Half-time round-up:

Shares have declined for the fifth time in six sessions as a global retreat from risk and contracting Chinese factory activity dragged down regional markets.

At lunchtime the ASX 200 was 54 points or 1% weaker at 5174 and on track to reverse yesterday's gains. Gold +1.3% was the only sector to advance as a broad retreat saw industrials dive 1.6%, consumer discretionary 1.4%, financials 1.2% and metals & mining 1%.

The retreat came after the Federal Reserve announced another reduction in its monthly stimulus spend overnight, adding to pressure on emerging markets.

"Given the likelihood of continued Fed tapering in the period ahead, there appears little doubt that long emerging-market positions are likely to be subjected to near-term pressure," Matthew Sherwood, head of investment markets research at Perpetual, told Bloomberg. "What we are seeing at present is a global re-pricing of risk."

Asian markets declined as final January figures for Chinese factory activity came in slightly weaker than preliminary data. HSBC's final manufacturing PMI was 49.5, versus a preliminary reading of 49.6 and a December figure of 50.5. China's Shanghai Composite fell 0.58%, Hong Kong's Hang Seng 1.62% and Japan's Nikkei 3.21%. Emini Dow futures were recently flat at 15,698.

Crude oil futures rallied 20 cents this morning to US$97.55 a barrel. Spot gold was $4.70 softer at US$1,264.20 an ounce. The dollar was buying 87.11 US cents.


The day-trading threads sure have slowed down this month. Is everyone on holiday or is this market chewing up newcomers faster than usual? Retraces tend to sort out the genuine traders from the folk who lucked into a rising market. Reminds me of the Mike Tyson quote: "Everyone has a plan 'til they get punched in the mouth." The market has been throwing a few hay-makers lately. Gotta have a plan and stick to it. Mistakes are punished harder in this climate. I made nearly a week's wage on Tuesday and gave most of it back yesterday. Back on track today. Profitable trades this morning in AMC and UNX. More recently added DOW and VMT for any arvo recoveries.