daytrading oct 24 afternoon

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    Thanks Endless. Half-time round-up:

    Australian stocks this morning erased last week's losses as key regional markets welcomed Friday's Wall Street rally and signs of progress in Europe over the weekend.

    At lunchtime the ASX 200 was ahead 84 points or 2% at 4226 as a broad rally lifted all sectors. Resource stocks and small caps shone brightest, with the materials sector rising 2.5%, energy 2.5% and the Small Ordinaries 2.3%.

    "Economic expectations got so depressed during the September market rout that any signs of improvement in the economic outlook should have a positive effect on the market in the short term," Nader Naeimi, a strategist for AMP Capital Investors told Bloomberg. "It was encouraging that there was no clear sign of divisions among European leaders, but there is also some disappointment that nothing concrete was announced at the weekend."

    Most Asian markets rallied ahead of this afternoon's Chinese manufacturing report as Japanese exports increased more than expected. Japan's Nikkei put on 1.4% and Hong Kong's Hang Seng 2.44%. Shanghai was recently ahead 0.04%. Dow futures were recently off 33 points or less than 0.3%.

    Quarterly producer prices came in slightly shy of expectations, raising hopes for an interest rate cut as early as next week. The producer price index rose 0.6%, compared to the median economist prediction of 0.8%. Consumer inflation numbers are due on Wednesday.

    Crude oil futures eased 7 cents this morning to US$87.48 a barrel. Spot gold was $3.60 weaker at US$1,639.20 an ounce. The dollar was buying US$1.0342.


    A very bullish morning despite the cloud of uncertainty hanging over Europe. Let's hope Wednesday doesn't prove a huge anti-climax. Chinese data due at 1.30 pm but it looks like the bulls are in total control for now. I'm much more comfortable buying during pullbacks, so for the second Monday in a row I have yet to find a trade. Well done to those who traded PXS and ORD successfully.
 
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