Daytrading September 7 afternoon

Thanks Brisen and morning regulars.


Half-time round-up:

The ASX 200 dipped below 5000 for a second day before paring losses as a positive start to trade in China boosted US equity futures.

At 1pm EST the benchmark Australian index was trading 29 points or 0.6% lower at 5011 after earlier falling to 4973, the index's second weakest intraday low in more than two years. The market rallied off its low after the Shanghai Composite rose more than 1% in early action as Chinese exchanges re-opened following a four-day market holiday. The Composite was lately up 0.12% after dipping in and out of negative territory.

Other Asian markets turned negative as the Chinese gains faded. Hong Kong's Hang Seng was last down 0.28% and Japan's Nikkei 0.36%. Dow futures were more robust, recently ahead by 87 points or more than 0.5% ahead of tonight's Labor Day holiday.

Also helping the mood in Australia was news that job advertising increased by a seasonally-adjusted 1% last month. Read more here.

Gold stocks +2.5%, telecoms +0.4% and property trusts +0.1% were the pick of the sectors. Energy -2%, metals & mining -1% and materials -0.9% took the biggest hits.

Crude oil futures cents declined 34 cents or 0.7% this morning to US$45.71 a barrel. Spot gold was flat at US$1,122.80 an ounce. The dollar was buying 69.32 US cents.


Interesting morning. The Chinese gains evaporated pretty quickly, but anything is possible with that index. US futures look promising but they are totally irrelevant this far out - they have a habit of running higher on holidays and coming back to earth nearer the open. AZZ offered fun and profits this morning, but the market is basically telling the company 'We don't believe it'. A single-page presentation containing errors for a deal worth a quarter of a million US? Hmmm... I got a trade out of it, but the company has work to do to convince the market the deal will get up. Hope so for holders, both old and new. Like Endless, I have history with this company - lost a bundle when I had training wheels on more than a decade ago. Also clipped tickets this morning in AWE and VRT for a good start to the week.