daytrading june 11 afternoon

Thanks Endless. Hooray for GCN, the share that keeps on giving. Not profits, of course, but something much more precious: the gift of entertainment. Nothing says "2013" like a Jermaine Jackson theme hotel. Coming soon: New Kids On The Block kindergartens, Vanilla Ice ice-creameries and Bay City Rollers fashion boutiques.

Half-time round-up:

The share market inched higher this morning for the first time in four sessions as gains in select defensive sectors and industrials exceeded modest declines in the big banks and miners.

At lunchtime the ASX 200 was eight points or 0.2% ahead at 4746 and on course to start the week with an advance for first time since May 20. Health was the best of the sectors, rising 2.4%, followed by IT +1.6%, energy +1.1% and consumer discretionary +1.1% Industrials rallied 0.5%, while financials dipped 0.2% and materials 0.4%.

The index briefly pared gains following mildly disappointing home loans and business confidence and conditions released this morning. Home loan approvals increased by 0.8% in April, short of the 2% rise anticipated by economists. NAB's business conditions index improved to minus 4 last month from minus 6 in April, while the business confidence index was stable at minus 1. Capital expenditure fell sharply to a four-year low.

"Housing is the one area most likely to make up for the mining investment downturn, and it's disappointed," CBA forex strategist Joseph Capurso told Fairfax. "You've got to say that the Aussie's going to keep on falling."

The dollar was lately buying 94.32 US cents, down about a third of a cent for the session. The Aussie hit 93.82 US cents, a two-and-a-half-year low, yesterday.

Japanese stocks were flat ahead of today's Bank of Japan monetary statement. The Nikkei was lately off 0.01%. Hong Kong's Hang Seng was down 0.94%. Trading in Shanghai was suspended for the second day of a three-day public holiday. Dow futures were recently down 13 points or 0.1%.

Crude oil futures edged up three cents this morning to US$95.79 a barrel. Spot gold was 30 cents weaker at US$1,385.20 an ounce.


Geez, the goldies copped it hard this morning, with several hitting or nearing new 52-week lows. Must be a lot of money betting that the recent strength in the metal is a bear rally. I've been watching a few but haven't spotted a buy signal yet. Doesn't mean they're not there, just that I'm not seeing them. Didn't see much this morning - a quick half-pip in SEH was my only completed trade. FWD and FAS may be coming good from Friday, DOW less certain. Had a tentative first look at BTR this morning on the basis that the rising volume is leaning towards capitulation soon. High risk, tight stop.