Daytrading June 25 afternoon

Thanks Oscar and morning regulars.


Half-time round-up:

Australian shares joined a gentle regional pullback this morning as overnight weakness in commodities weighed on resource stocks and investors awaited news from Greece's debt negotiations.

At lunchtime the ASX 200 was 38 points or 0.7% weaker at 5648 and on track for its first loss in five sessions. A broad retreat left no sector untouched, with property trusts -2.1%, consumer discretionary -1.6%, gold -1.2%, IT -1.2% and health -1.2% hit hardest.

Asian markets took their cue from overnight weakness in Europe and the US after Greece's latest reform proposal was rejected by its creditors. China's Shanghai Composite slipped 0.2%, Hong Kong's Hang Seng 0.59% and Japan's Nikkei 0.11%. Dow futures were recently up 29 points or more than 0.1%.

“We’re in a market where we’re swinging from joy to sorrow over Greece,” Mitsushige Akino, executive officer at Ichiyoshi Asset Management in Japan, told Bloomberg.

Crude oil futures fell another cent this morning to US$60.26 a barrel. Spot gold was $3.40 firmer at US$1,176.30 an ounce. The dollar was buying 77.33 US cents.


No real evidence of concern for Greece in this morning's market movements. If traders were genuinely concerned, risk assets should sell off hard and havens such as gold and the US dollar rally much more than they have. The expectation is still for a fudge that lets both sides save face. Trading: overnight hold in FLT paid off, but gave no reason to hang around. Needed two swings at DMY to seal a profit. Out now. Also took FXJ, WSA - scalps only. Suffering a bit of trading burn-out this week, so will be taking a break shortly. Need to recharge the batteries.