daytrades april 28 afternoon

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    Thanks Tweets. Half-time round-up:

    Australian shares skidded to a one-month low this morning as regional markets succumbed to last night's heavy sell-off in Europe and the U.S.

    At lunchtime the ASX 200 was down 65 points or 1.35% at 4814 but more than 30 points off the index's morning low. Health care was the only sector to trade positive as defensive sectors fared better than cyclical stocks.

    The European debt problems that sparked last night's global selling have yet to affect Australia, RBA assistant governor Guy Debelle said this morning.

    "So far it hasn't had any effect at all, actually - so far being up to last night," Dr Debelle told a seminar this morning reported on Fairfax. "It's pretty much been confined to Europe. We've seen re-borrowing costs and borrowing costs in some countries in Europe go up quite a lot, but we haven't seen any effect on Australian banks' funding costs or on mortgage-backed securities."

    In economic news, accelerating inflation last quarter has boosted the odds on an interest rate rise next week. The consumer price index rose 0.9% in the three months to March, the ABS revealed today, ahead of economists' expectations of a 0.8% rise.

    "We're starting the recovery with a much higher rate of inflation and that bolsters the argument for rates being a little bit higher," St George chief economist Justin Smirk told Fairfax. "It should definitely be a very close call in May."

    In company news, Aristocrat shares tumbled after the company warned that a strong dollar could undermine profits this year. "A one-cent movement in the Australian dollar impacts our bottom line by around $1.3 million," chief executive Jamie Odell told shareholders at the company's AGM this morning.

    Asian markets retreated this morning. Japan's Nikkei fell 2.47%, Shanghai 0.62% and Hong Kong's Hang Seng 1.62%. Dow futures were recently at a mildly bullish +20.

    Crude oil futures recovered 55 cents this morning to trade recently at $82.32 a barrel. The spot gold price slid $2.90 to $1,165.10 an ounce.


    With apologies to any long-term investors hurting this morning, days like these are gifts to scalpers. Seven trades this morning, all profitable. WHC and LNG were the pick of the bunch. Smaller profits taken in GIR, MGX, MMX, MCR and CPU.

    Alanmcg, regarding your question this morning, please keep posting on all your trades. This thread definitely has a speccy bias but there are plenty of us looking at the bigger end of the market as well.
 
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