Daytrading May 11 afternoon

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    Thanks Brit and morning crew.


    Half-time round-up:

    Shares surged to a nine-month high this morning on the back of Wall Street's best night in two months and a rebound in commodities.

    At 1pm EST the ASX 200 was 38 points or 0.7% ahead at 5380 and on track for a fifth straight advance. The index earlier hit 5425, its highest reading since August. Leading the rally were the gold sector +3.1%, metals & mining +3%, materials +2.4% and IT +1.3%.

    “We’re seeing follow-through buying given the bounce in commodities and rally in US shares,” Chris Green, director of economics and strategy at First NZ Capital Group, told Bloomberg. "Prospects of a delay in the Fed raising interest rates and firmer inflation data out of China are supportive of equities in the near term.”

    The index pared early gains as US equity futures remained mired in red. Dow futures were recently off 39 points or 0.22%. China's Shanghai Composite gained 0.2%, Hong Kong's Hang Seng shed 0.79% and Japan's Nikkei rose 0.22%.

    Crude oil futures eased 19 cents or 0.43% this morning to US$44.47 a barrel. Gold futures were $6.40 or 0.5% stronger at US$1,271.20 an ounce. The dollar was buying 73.53 US cents.


    5400 sure came quickly on the XJO. Plenty of upside if this breakout holds, but the global trend this morning is against: US futures and crude down, gold up, Asia mixed. Trading: the buying in SCI was too relentless to ignore. Traded a fraction of the range for a good profit. Also took PSY, YOW and FLT on pullback.
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