Thanks Brit. Can't believe you got away with only two sex jokes after that thread opener. Don't know whether to feel proud that the crew are maturing, or worry that they're losing their touch.
Half-time round-up:
Shares slumped to a four-week low this morning as tax-loss selling exacerbated caution ahead of tonight's OPEC meeting and tomorrow's monthly US jobs report.
At 1pm EST the ASX 200 was 47 points or 0.9% weaker at 5276 with financials -1.3%, metals & mining -1% and energy -1% the biggest drags. The index has been stuck in a trading range between 5300-5400 for almost four weeks, but dropped through the lower band this morning amid speculation that institutional sellers may be dumping some of the year's biggest losers.
"In the past whenever we see tax loss selling it usually begins early, as the instos move ahead of the pack and start their tax loss selling from late May," Bell Potter markets guru Richard Coppleson told
Fairfax.
“Caution looks set to remain supreme ahead of this week’s [US] payrolls report,” Cameron Bagrie, chief economist at ANZ Bank New Zealand, told
Bloomberg. “Modest economic signals out of the US set the tone and maintain the market erring toward rates moving up, but not really excitable enough to buoy the [US] dollar.”
China's Shanghai Composite was barely changed at +0.04%, Hong Kong's Hang Seng steady at -0.02% and Japan's Nikkei off 2.3%. Dow futures were recently 37 points or 0.21% lower.
Crude oil futures eased another 12 cents or 0.2% this morning to US$48.89 a barrel ahead of tonight's OPEC meeting in Vienna. Gold futures were $2.50 or 0.2% firmer at US$1,217.20 an ounce. The dollar was buying 72.4 US cents.
There goes the XJO's trading range. A break lower always seemed likeliest, given seasonal pressures and overhead resistance in the US. Could be in for further weakness if tonight's oil cartel meeting is the usual fizzer. Will have to go a lot lower before it impacts trading at the spec end. Trading: solid morning with trades in JHC, TTS, NAG and AWC. Set my buy order a pip too low on RXL. The reaction to KDR is interesting - further signs that lithium is no longer a golden ticket to the chocolate factory?
