Afternoon trading November 2

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    Thanks Oscar and morning crew.


    Half-time round-up:

    A strong week for stocks looked set to end with a whimper as the big banks and energy stocks pared gains.

    The ASX 200 eased 18 points or 0.3% to 5823 but remained on track to record a weekly tally in excess of 150 points. The benchmark index rebounded strongly this week as a "relief rally" lifted global markets off their lows.


    "The risks to markets are still very elevated, but a dip in volatility below a 20 reading on the VIX has investors calmer than they were this time last week," Kyle Rodda of IG Markets told Fairfax. "Choppy trade and violent turns in sentiment could arise at any moment, and there is still some way to go to convincingly reverse October's ugly sell-off. However, for the many who prefer to look on the bright side of life, signs of a turnaround are here."


    A two-speed market saw advances in health stocks +1.6%, gold +1% and materials +0.3% outweighed by declines in energy -2%, financials -0.8% and consumer staples -0.9%.


    A positive morning in Asia saw China's Shanghai Composite rally 1.4%, Hong Kong's Hang Seng 2.15% andJapan's Nikkei 1.19%. S&P 500 futures were recently down 6.35 points or 0.23%.

    Crude oil futures continued to fade, lately down 33 cents or 0.52% this morning to US$63.36 a barrel. Gold futures dropped $4.90 or 0.4%to US$1,233.70 an ounce. The dollar was buying 71.94 US cents.



    Trading: RAC has kept me occupied for the last two sessions. Been trading the dips on the way down this morning. Two from two, with a third open. Looked at WHK but reckoned the trade would be too crowded for the available volume. Should have stuck out my elbows and charged.

 
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