Day Trading 24 May Pre Market

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    Morning all
    Thanks AM crew

    Looks like a flat open ahead this morning following an uninspiring session last night highlighted by very little indeed.

    Apple edged higher, but prospects for higher interest rates overhangs current sentiment and remains hawkish. The US economy remains sluggish and stock markets have benefited from the historically low interest rates that have prevailed since 2008.
    US markets were flat.

    Iron ore tanked falling 6.7%, now down over 27% from recent highs.
    Iron ore has been on a tumultuous ride this year. In China, traders piled into raw-material futures including iron ore in March and April, helping to boost prices, only to switch track when regulators clamped down. Inventories at ports have climbed above 100 million tons, offering fresh evidence of increased supplies from Australia and Brazil, and BHP forecast last week that there may be further increases.
    "Stockpiles have once again broken the 100 million ton-level, indicating that supply pressure has increased significantly," Fan Lu, an analyst at Sinosteel Futures Co., said in a note on Monday. "Mills' margins have narrowed as steel output recovered," suppressing demand for iron ore, she said. 1

    Oil -30c, $48.11
    Nickel - 1.85%

    Gold prices ended the U.S. day session slightly down but up from the daily bottom that saw prices hit a three-week low early on. The gold bulls have faded a bit recently and need a fresh dose of bullish fundamental news to jolt the market out of its recent downward bias. 2
    Gold $1248
    HUI -1%
    AUD Gold $1728


    On Today
    RBA governpor Glenn Stevens speaks in Sydney, ANZ-Roy Morgan weekly consumer confidence

    Have a good day

    1 SMH
    2 *****
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