daytrades jan 10 afternoon

Thanks Tweets. Half-time round-up:

Local shares are marginally lower for a fifth day in six despite rebounds in oil and retail sales.

At lunchtime the ASX 200 was down 4 points or 0.1% at 4700 as skinny gains in consumer stocks, energy, industrials and gold failed to offset losses among the big banks and miners.

Shaw Stockbroking senior dealer Jamie Spiteri attributed the recent negative market trend to off-shore investors rotating money into other markets at a time when liquidity is seasonally low.

"Markets have to some degree been under-performing here in Australia versus the rest of the world," he told Fairfax. "With the market not active enough to absorb that minor movement away from Australia in the first part of this year, that money is looking for recovery opportunities elsewhere around the world."

Retail shares were buoyed by news of a 0.3% rise in sales in November. The improvement came despite an interest rate rise on Melbourne Cup Day and followed a revised 0.8% dip the previous month.

However, a slump in retail hiring was largely blamed for a 2.3% slide in job ads last month. Jobs advertised in the retail sector fell 12%.

"A weakening job market nationally, coupled with significant job losses in Queensland, is likely to set a negative tone for early 2011," Advantage Resourcing Director Bob Olivier told Fairfax.

Asian markets were mixed. Shanghai eased 0.29% while Hong Kong's Hang Seng was up 0.12%. Japan's Nikkei was closed for a public holiday. Dow futures were recently at -2.

Crude oil futures rebounded sharply this morning, rising $1.47 or 1.7% to $89.51 a barrel. Spot gold rallied $4 to $1,373.80 an ounce. The dollar advanced 0.5%, buying 99.77 U.S. cents.


Definite signs again today that the local market is looking to rebound. The ASX 200 has closed well off its intraday low every day this year. A modestly profitable morning here - bounce scalps completed in SAR and UNX.

I'm taking an early mark and won't be around tomorrow morning to start the thread (hard-drinking overseas visitors arriving for the night) but should be back for the afternoon launch. Barnsty is a great stand-in for the morning launch if that's okay with him? (Mate, you've long been on my "favourites" list, so I can only add my support to this morning's tributes.) Ange, sorry to see you bow out - will miss your charting skills. Welcome back Petwan.