daytrading oct 10 afternoon

Thanks Gttrain.

Half-time round-up:

The share market touched its lowest level for the week as Asian markets retreated and US futures signalled doubt over Alcoa's profit result this morning.

At lunchtime the ASX 200 was down 12 points or 0.3% at 4492 and on track for its second set-back in the last 10 sessions. A broad pullback left health +0.7% and energy +0.3% as the only sectors to advance. Gold -1.2% was hit hardest, followed by consumer staples -0.7% and telecoms -0.7%. The big miners shook off news that Rio Tinto will cut costs and postpone new projects amid weakening demand from China. Read more here.

US futures turned negative after initial excitement over Alcoa's profit result released after the close of regular trade on Wall Street this morning wore off. Dow futures were recently off 26 points or 0.2% after shares in Alcoa finished 1% lower in after-market trade. The aluminium giant's report marked the unofficial launch of the Q3 earnings season in the US.

"We are clearly seeing the impact of a Chinese slowdown globally and it's indicated in Alcoa's numbers," Nader Naeimi, Sydney-based head of dynamic asset allocation at AMP Capital Investors, told Bloomberg. "Equity markets have had a very strong run. So, it won't be surprising if they go through some correction. In a sense, actually a correction will be healthy."

Shanghai eased 0.33% this morning, Hong Kong's Hang Seng 0.54% and Japan's Nikkei 1.6%.

Crude oil futures retread 16 cents this morning to US$92.06 a barrel. Spot gold was $1 softer at US$1,764.70 an ounce. The dollar was buying $US1.0213.


Geez this market has grown complacent. Very little selling interest this morning. Hard to buy dips if there ain't no dips. Best I could manage was GWA (again), NWH and NWE and I can't say there's been much in them so far. Had a couple of air shots at HAO but the first day of a pullback is always risky. Better opportunities there tomorrow/Friday. By the way, according to the NWE thread you're a bunch of bandwagons and good riddance.