Daytrading November 16 afternoon

Thanks Brit and morning crew.


Half-time round-up:

Australian shares hit a six-week low this morning before resr9urce stocks led a partial recovery.

At 1pm EST the ASX 200 was trading 34 points or 0.7% in the red at 5018 after earlier falling as low as 4979, the index's weakest point since September 30. The declines came as US equity futures signalled a soft start to the trading week after Friday night's terrorist atrocity in Paris. S&P 500 futures were lately down 6.25 points or 0.31%. Dow futures were off 50 points or 0.29%.

The traditionally defensive gold sector fared best this morning, rising 3.9%. A rebound in BHP steered the metals & mining sector up 0.6%. Also ahead were energy +0.6%, materials +0.3% and telecoms +0.3%. Industrials and health were down 1.1% and financials 0.9%.

"The weekend attacks certainly create uncertainty for markets but to some extent investors have already assumed the terrorist threat is an ongoing part of the current economic and risk background," CMC chief market analyst Ric Spoone told Fairfax. "Investors are also aware that any major increase in market volatility could lead to a response from central banks, including a delay in the Fed's December rate hike."

China's Shanghai Composite fell 1.02%, Hong Kong's Hang Seng 1.67% and Japan's Nikkei 0.95%.

Crude oil futures rallied 24 cents or 0.6% this morning to US$40.97 a barrel. Spot gold firmed $8.20 to US$1,092.10 an ounce. The dollar was buying 71.13 US cents.


The market fell far enough at the open to reach rebound territory. It will be interesting to see how many are willing to hold overnight. An arvo fade seems the most likely outcome, but anything is possible. Short-sellers often take advantage of set-ups like this to cover cheaply. US equity futures have been improving. Trading: I made all my dough in the first 15 minutes - short, sharp bounce-trades in HVN and NHF. Should have closed the computer at that poin. Taken plenty of swings since then without result. In and out of EMG for brokerage.