Daytrading Jan 8 afternoon

Thanks Beany and morning regulars.


Half-time round-up:

Shares stepped smartly away from yesterday's two-week low as gains in the big banks and miners offset continuing weakness in energy stocks.

At lunchtime the ASX 200 was 33 points or 0.6% ahead at 5386 and on track to break a two-session losing run. Property trusts led the rally with a rise of 1.4%, followed by metals & mining +1.3%, materials +0.9% and financials +0.8%. The energy sector fell for a third day, down 0.5% despite an overnight bounce in the price of crude.

The gains following an upbeat session on US and European markets as weak European inflation ramped up pressure on the European Central Bank to increase efforts to stimulate the eurozone economy.

“There’s been a temporary halt in the fall in oil prices, and the possibility of more easing in Europe has increased,” Mitsushige Akino, executive officer at Ichiyoshi Asset Management in Japan, told Bloomberg. “The rebound will just be within a natural cycle though so gains will probably be limited.”

Back home, approvals for new houses jumped 7.5% in November, well ahead of expectations. Economists anticipated a fall of 3%. The news fuelled a rally in the dollar, which was lately up a quarter of a cent at 80.96 US cents.

China's Shanghai Composite dipped 0.35%, Hong Kong's Hang Seng rallied 0.85% and Japan's Nikkei 1.53%. Emini Dow futures were recently 96 points or more than 0.5% ahead.

Crude oil futures continued to improve this morning, rising another 91 cents to US$49.56 a barrel. Spot gold was $1.60 firmer at US$1,212.30 an ounce.


Big move on oil developing, driving up US futures. Short-term bottom in? Bunta morning. Took profits on ARI - been a ripper of a trade, very nearly a bagger. Thanks again to Asteroider, whose comments about volume got my attention when it bottomed. Will look to re-enter on any pullback, but concede that an opportunity may not arise. Got ten pips out of SYR, one of my favourite intraday traders, even if you do have to wrestle an institutional trading program to get in and out. Also took APN - looks marginally overdone - and BIT (intraday scalp only).