Daytrading May 22 afternoon

Thanks Brit and morning regulars.


Half-time round-up:

The share market is on track for its third losing week in four weeks after an early rally faded as the big banks retreated and Geek debt talks ended without a breakthrough.

At lunchtime the ASX 200 was behind four points or 0.1% at 5658 after earlier hitting a session high at 5692. The index ended at 5735 last week but fell sharply through the first half of this week before staging a partial rebound.

Gold +2%, energy +1.6% and property trusts +0.6% were the pick of the sectors this morning. Pockets of weakness included consumer staples -0.6%, health -0.4% and financials -0.4%.

Hopes that a late night meeting of European leaders would produce a breakthrough proved unfounded when the gathering broke up this morning without any significant announcement. Fears of a Greek default have risen after government officials warned the government may run out of money early next month. Read more here.

China's Shanghai Composite rallied 1.57% and Hong Kong's Hang Seng 1.19%. Japan's Nikkei slipped 0.15%. Dow futures were recently up 14 points or less than 0.1%.

Crude oil futures receded 18 cents this morning to US$60.54 a barrel. Spot gold was $2 firmer at US$1,206.10 an ounce. The dollar was buying 79.12 US cents.


The big banks are proving a deadweight today. The financials index looked like it might be basing on Wednesday/yesterday but hasn't gone on with it. Not much hope for the XJO until the XXJ finds a bottom. Trading: some blood on the floor this morning at the spec end. Hope no one here suffered any serious wounds. With a good wage tucked away for the week, I was too risk-averse to make much of these conditions. Squeezed something out of SOR. Should have had something from PRR. Probably should not have started the weekend last night.