Daytrading Feb 4 afternoon

  1. 8,419 Posts.
    Thanks Brit - keep up the fine work.


    Half-time round-up:

    The share market's strongest rally in years stretched into a tenth session today as surging resource stocks helped the ASX 200 crack 5800 for the first time since May 2008.

    At lunchtime the benchmark index was 66 points or 1.2% higher at 5774 after hitting an early session-high of 5805. Sharp overnight gains in copper and oil were reflected in rallies of 3.4% in the metals & mining sector, 2.9% in materials and 1.9% in energy. Out of favour were gold -1.7% and telecoms -0.9%.

    The buoyant mood extended into Asian markets, despite a decline in HSBC's Chinese services PMI to 51.8 last month from 53.4 in December. China's Shanghai Composite put on 0.18%, Hong Kong's Hang Seng 0.58% and Japan's Nikkei 2.05%. Dow futures were recently up seven points or less than 0.1%.

    Crude oil futures eased 84 cents this morning to US$52.21 a barrel. Spot gold was 40 cents stronger at US$1,260.70 an ounce. The dollar was buying 77.86 US cents.


    The course of the morning looks a bit like a rerun of yesterday without the Reserve Bank waiting in the wings with a safety net. Still, this rally has been such a ball-tearer that you would be brave to call a top. Anyone read any comments about the length of this run in historic terms? I don't keep stats but 10 straight rises on the XJO is unusual in the extreme. Trading: the size of the gap open meant lowered expectations for long intraday action. I took more than an hour to find a trade. Eventually caught the low in AJX and a quick three-pip five-minute bounce in TTS.
 
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