daytrading march 20 pre-market

Morning traders. Sorry for the delayed post.

Market wrap:

The share market risks a third day of losses following declines in most overseas markets as the Cypriot parliament rejected a controversial bank tax, raising the stakes in a stand-off over a European Union bailout.

The March SPI 200 futures contract retreated 25 points or 0.5% to 4965 after the S&P 500 fell for a third session, its worst run of the year, and copper hit a four-month low.

US stocks slumped on news that Cyprus's parliament had rejected an EU/IMF rescue plan announced on the weekend, but the major share indexes pared losses before the close. The S&P 500 lost four points or 0.26% after earlier diving as much as 13 points. The Nasdaq lost 0.27% but the Dow edged turned a 69-point fall into a gain of four points or 0.03%.

"This could be a flash in the pan but it is a reminder to investors that the situation in Europe is not resolved," the global head of strategy for Standard Life Investments in the UK told Reuters. "It could be the start of a Spring correction just as we saw in 2011 and 2012."

The unpopular bailout plan for Cyprus found no support in the nation's parliament, with 36 votes against the proposal and 19 abstentions. The rejection sent euro-zone finance chiefs back to the drawing board and pushed the Mediterranean island nation closer to the brink of default. Read more here.

Earlier, European markets extended the week's losses on reports that Cyprus's ruling party would abstain from the parliamentary vote. Germany's DAX dropped 0.78%, France's CAC 1.29%, Britain's FTSE 0.26%, Italy's FTSE MIB 1.59% and Spain's IBEX 35 2.2%. Trading in Cyprus was suspended but Greece's benchmark share index slumped 3.85%.

Oil hit the skids as the media began to report the Cyprus news. West Texas Intermediate crude for April delivery, which had been trading near US$94 a barrel, dropped $1.69 or 1.8% into the red to US$92.05.

Gold filled its traditional role as a haven in times of uncertainty, advancing to its fourth straight gain. God for April delivery was lately up $5.50 or 0.34% at US$1,610.10 an ounce.

Copper plumbed a four-month but other industrial metals fared better after recent declines. US copper for May delivery was recently down three cents or 0.95% at US$3.40 a pound. In London, copper lost 0.6% and lead 0.7%. Tin put on 1.4%. Aluminium, nickel and zinc were steady.

ECONOMIC NEWS: The Melbourne Institute's leading index is due at 10.30am EST. Highlights tonight in the US include the Federal Reserve funds rate, statement and economic projections, plus crude oil inventories.

Good luck to all.