Thanks Beany and morning regulars. Half-time round-up: The share...

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    Thanks Beany and morning regulars.


    Half-time round-up:

    The share market briefly threatened the 6000 mark this morning before moderating gains as strong economic data muddied the outlook ahead of this afternoon's RBA rate decision.

    At lunchtime the ASX 200 was five points or 0.1% ahead at 5964 after running as high as 5997 in the first hour of trade. The rally contracted as falls in resource stocks and companies trading without their dividends offset gains in consumer staples +1%, health +0.8%, property trusts +0.8%, industrials +0.7% and financials +0.4%

    The market was already off its high before the 11.30am EST release of unexpectedly robust economic data. Building approvals surged 7.9% in January, confounding expectations that December's 2.8% decline would continue. The current account deficit shrank more than expected to $9.6 billion last quarter from $12.1 billion in the previous quarter. Economists had predicted a deficit around $10.9 billion. A weekly measure of consumer confidence also improved.

    Asian markets retreated. China's Shanghai Composite slipped 1.4% and Hong Kong's Hang Seng and Japan's Nikkei both fell 0.18%. Dow futures were recently off two points or less than 0.1%.

    Crude oil futures bounced 26 cents this morning to US$49.85 a barrel. Spot gold was $3.90 weaker at US$1,204.30 an ounce. The dollar was buying 77.65 US cents.


    What an extraordinary start to the year. When the most lucrative trades appear to be in bongs, jetpacks and Paris Hilton games you gotta think the market is getting toppy. You also gotta wonder if the brilliant mind that keeps you out of such trades isn't costing you a fortune in lost opportunity. (For God's sake, brain, just trade the technicals and don't worry about the fundamentals.) I worry that if f I get any smarter I won't make anything at all. Managed to curb my cynicism long enough to have wins in CTD this morning (oversold on going ex-dividend), KCN (day 2 of decline) and TAP (lucky to get away with an in-out). Also in and out of CTO for brokerage at higher levels. More recently into CKF and ERJ.
 
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