Daytrading May 23 afternoon

Thanks Brit and morning crew.


Half-time round-up:

A slide in crude oil helped drag Australian shares close to a two-week low as traders locked in profits from a six-week rally.

At 1pm EST the ASX 200 was 10 points or 0.2% weaker at 5343 but in recovery after earlier dropping below 5300 for the first time since May 10. The index came under early pressure amid questions over the market's ability to extend its longest weekly winning streak in a year.

Gold was the best of the sectors, rising 2.4%, followed by IT +0.8% and the Small Ords +0.6%. The energy sector was hit hardest, falling 1.3% as West Texas Intermediate started a new week with a decline of 22 cents or 0.45% to US$48.19.

Market interest in the US is expected to swing back to the Federal Reserve this week, with a number of officials expected to speak.

“Market repricing of Fed tightening risk was the big driver last week, and that could carry over into this week,” Win Thin, head of emerging markets at Brown Brothers Harriman in the US, told Bloomberg. “There are several Fed speakers in the days ahead, capped off with Fed chief Yellen on Friday.”

Asian markets were patternless. While China's Shanghai Composite rose 0.54% and Hong Kong's Hang Seng added 0.4%, Japan's Nikkei slid 1.09%. Dow futures were recently ahead by six points or 0.03%.

Gold futures improved $2.70 or 0.2% to US$1,255.60 an ounce. The dollar was buying 72.38 US cents.


Barring fresh catalysts, we might be in for a period of range trading on the XJO between 5300 and 5400. Been slopping about there for the best part of two weeks. The recent rally seems to have lost momentum. Trading: low-key morning. Got something out of EDE first up, BAR more recently, but could use a bit more action.