Quay Mid-Day Market Update

The Australian Share Market is trading in negative territory to begin the day, with a choppy Wall Street lead enough to send local stocks down after the elusive 6000 index level was again talked up this morning. The market could also be taking a breather after a couple of days of outperformance & also heading into the beginning of the Fed Reserves 2 day meeting kicking off tonight. While we saw positive steps in Greece overnight, there still is no resolution so it was no surprise to see some selling hit the screens to offset gains in Iron Ore. Market Turnover in lunch was $1.565 billion. Given the outperformance in Iron Ore seen over the past 8 sessions, the resource sector definitely running out of steam. The sector trading flat however given their performance expect a day of profit taking if not this afternoon then in the coming days. Today a flat sector with BHP (+0.25%), Fortescue (+1.17%) and Rio Tinto (-0.74%) in mixed trade. Playing catch-up this morning was the gold miners.... For the entire wrap please visit (VIEW LINK)