daytrading nov 20 afternoon

Thanks Endless.

Half-time round-up:

The share market plumbed a one-month low this morning as US futures remained unresponsive to the latest comments from Federal Reserve chairman Ben Bernanke and WorleyParsons issued a profit warning.

At lunchtime the ASX 200 was 43 points or 0.8% softer at 5309 after earlier touching its weakest level since October 18. Gold +0.3% was the only sector to resist the downtrend. Energy stocks sagged 2.2%, I.T. 1.2% and telecoms 1%. The industrial sector declined 0.6% after mining services company WOR downgraded its earnings forecast.

"The global pullback looks to be starting," IG Market analyst Evan Lucas told Fairfax. "European markets are moving back from five-year highs, the S&P continues to shift away from its intraday all-time high as the DOW continues to shift sideways. These are classic signs of market fatigue; the ASX has seen volumes remaining below average (only $4.1 billion changed hands yesterday) as the banks and the big miners are starting to find buyers becoming a rarity."

US futures were stuck in neutral despite confirmation from Fed chairman Bernanke this morning that interest rates are likely to remain low long after the central bank curtails its bond-buying program. Dow futures were recently up one point or less than 0.1%

"The target for the federal funds rate is likely to remain near zero for a considerable time after the asset purchases end, perhaps well after," Bernanke said. Read more here.

Asian markets were mixed but little changed. China's Shanghai Composite slipped 0.04%, Hong Kong's Hang Seng advanced 0.4% and Japan's Nikkei was near break-even at -0.02%.

Crude oil futures bounced 26 cents this morning to US$93.62 a barrel. Spot gold was $1.10 ahead at US$1,274.90 an ounce. The dollar was buying 94.21 US cents.


Helicopter Ben losing his touch or is he yesterday's news now retirement is close? I guess Yellen has the voice that matters now. Trading: no one to blame but myself this morning. Was ahead on three trades mid-morning and let two of them turn into losses. Inexcusable. The shares were WOR, SHL and FAS. Profit-warning dumps have been good buying opportunities lately, so this morning's reaction to WOR is a sign the market is seriously unhappy. The instos were more forgiving in May.