daytrading oct 19 afternoon

  1. 10,573 Posts.
    Thanks Endless. Half-time round-up:

    Regional markets rallied this morning, preferring to focus on healthy overnight rises on Wall Street rather than weak US futures following a poorly-received earnings report from Apple and doubts over the European bailout fund.

    At lunchtime the ASX 200 was ahead 22 points or 0.5% at 4209 in cautious trade despite a 2% overnight surge in US stocks. Most sectors were trading higher, led by financials +1.2%, IT +1.7% and property trusts +1.12%. Resource-sensitive sectors were flat to negative

    Gains were capped by question marks over claims in a Guardian newspaper article that Germany and France have agreed to increase the size of the European bailout fund.

    "Markets in Asia will trade rather cautiously given there's doubt about the validity of that article," Tim Schroeders of Pengana Capital told Bloomberg. "A lot of nervousness around what solution we are likely to see regarding Europe at the moment. We will see things move a little bit higher in Asia, but they will remain fragile."

    Also limiting gains were a decline in US futures following Apple's third-quarter earnings report released after the end of regular US trade this morning. Dow futures were recently off 31 points or 0.3%. Futures for the tech-heavy Nasdaq index were off nearly 1%. Shares in Apple were lately down 6.7% in after-market trade.

    Japan's Nikkei rallied 0.57% this morning, Shanghai 0.1% and Hong Kong's Hang Seng 1.16%.

    In domestic news, the economy is accelerating, according to the WBC-MI Leading Index released this morning. The index, which predicts economic activity up to nine months ahead, increased to 4.5% in August, well above the long-term trend of 3.3%.

    Crude oil futures declined 18 cents this morning to US$88.11 a barrel. Spot gold was 30 cents stronger at US$1,663.50 an ounce. The dollar was buying US$1.0265.

    Pretty heavy-going this morning despite a strong lead. Two weeks away from the market and I'm as rusty as an old door hinge. Scraped a profit out of BCC but could have traded it much better. Break-even in TSV and GCN. Fractionally ahead in AWC. Doesn't add up to much for the morning. C-.
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