Daytrading May 9 afternoon

Thanks Brit and morning crew.


Half-time round-up:

Shares turned lower for the first time in three sessions as the recent run of disappointing updates from the big banks continued and soft trade data weighed on China's main index.  

At 1pm EST the ASX 200 was down 18 points or 0.3% at 5274 after a choppy morning that saw the index rise as high as 5321 in the opening hour before rolling over. Gains in the gold sector +2.9%, energy +1.1% and consumer staples +0.9% were outweighed by declines in materials -1.2%, telcoms 0.7% and financials 0.4%.

CBA edged up 0.4% despite reporting third-quarter earnings just below expectations. ANZ skidded 4% as it traded without its dividend. ORI was another drag, tumbling 10.7% after slashing its dividend and warning that conditions remain challenging.

China's Shanghai Composite slid 1.59% after weekend trade data confirmed domestic demand remains weak. Hong Kong's Hang Seng put on 0.64% and Japan's Nikkei 0.53%. Dow futures were recently ahead 18 points or 0.1%.

Crude oil futures surged 90 cents or 2% this morning to US$45.56 a barrel as fires raged through one of Canada's oil-producing regions. Gold futures were $5.70 or 0.44% weaker at US$1,288.30 an ounce. The dollar was buying 73.81 US cents.


Big move in crude this morning bodes well for risk appetite, even if the link between the S&P 500 and oil has eroded a little over the last month. Trading: my m.o. is so transparent that the regulars here are picking my trades far too easily, lol. Well done Shants and Spawk, you were both correct. Good entry in UNS, but let it go waaaaay too soon. Endless, you were partially right about MNQ - I hoped it would come lower but got a smallish first fill at 2.3c. Not enough for a big win - had other buy orders all the way down from that level. Pyramid entries have made a big difference to my results over the last couple of years - well worth exploring if you're new to the game.