daytrades july 28 afternoon

  1. 10,703 Posts.
    Thanks Endless. Half-time round-up:

    Australian shares fell towards this month's closing low this morning as a political stand-off in the US weighed on regional markets.

    At lunchtime the ASX 200 was down 62 points or 1.4% at 4475, with all sectors except telecoms losing ground. Mining stocks were worst affected, sending the metals & mining sector down 1.7% and materials 1.6%.

    "There's widespread losses across the board - materials, financials, industrials leading the way lower and energy in there as well," IG Markets market strategist Ben Potter told Fairfax. "Everyone's still saying there's no possible way they can let the US default, yet they keep on coming out and saying we're at a stalemate. A lot of people are saying now, no matter what deal they can come up with, unless its extraordinarily good most of the ratings agencies are going to downgrade US debt anyway."

    Asian markets declined in line with overseas falls. Japan's Nikkei lost 1.12%, Shanghai 1.16% and Hong Kong's Hang Seng 1.13%. Dow futures were recently at a timidly positive +5.

    The dollar edged off a new post-float record high set overnight but held most of its gains despite a recovery in the greenback. The Aussie was recently trading at US $1.1027, down from a high of US $1.1055. Bank of New Zealand currency strategist Mike Burrowes told Fairfax the Aussie was "the only currency to out-perform against the US dollar over the past 24 hours."

    Crude oil futures eased another 37 cents this morning to US $96.82 a barrel. Spot gold was $1.90 stronger at US $1,615.90 an ounce.


    Disappointing to see the early recovery peter out mid-morning as Shanghai shares grind lower. Been an okay morning at this trading desk but there were fewer opportunities than hoped. Where's the damn fear? Not nearly enough irrational selling around! Got a fill in AGO at the low and a part-fill in ABY. Rode the first run in FAR but bought back in too soon.
 
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