daytrading sep 12 afternoon

Thanks Endless. Half-time round-up:

Australian stocks slumped to a one-month low this morning as intensifying European debt concerns sent US futures and Asian markets tumbling.

At lunchtime the ASX 200 was down 140 points or 3.3% at 4054 after earlier hitting its lowest point since August 9. All sectors were trading red, with telecoms the best at -1.9% and health the worst at -4.6% after shares in Cochlear fell more than 20% following a product recall. Energy shares -4.4% and financials -4.1% were also notably weak.

"We are following other markets down," EL&C Baillieu director Richard Morrow told Fairfax. "There are more worries about a potential Greek default, but whether it happens or doesn't it is hard to tell from here."

US futures followed on where equity indexes left off on Friday, pointing south again tonight. Dow futures were recently down 111 points or 1%. Japan's Nikkei fell 2% in morning trade and Hong Kong's Hang Seng 3.19%. Trading in Shanghai was suspended for a public holiday.

The trade surplus widened in July by less than economists expected. The surplus rose from $1.817 billion in June to $1.826 billion, less than the expected $1.9b.

The dollar skidded more than two cents from Friday's close as panic drove investors back into the greenback. The Aussie was recently buying US$1.0372.

Crude oil futures fell 98 cents this morning to US$86.03 a barrel. Spot gold was $8.40 weaker at US$1,852.80 an ounce.


Crikey. Gotta love the volatility, but a wild rebound rally about now would be handy. Lots of shares breaking support levels this morning. All my wins came in trades that lasted less than 10 minutes. Anything held longer kept going south. Quick early wins in ATN and COH, followed by bounces in GCN and WTF. Waiting for selling opportunities in WHC, ANN, IAG and JHX.