Daytrading Feb 19 afternoon

Thanks Beany and morning regulars.


Half-time round-up:

The share market pared its gains for the week as traders weighed an indifferent corporate profit season against the prospect of further rate cuts.

At lunchtime the ASX 200 was trading 17 points or 0.3% in the red at 5899 but still on course for a fifth straight weekly advance since the market concluded that the Reserve Bank would launch a new rate-cutting cycle this year. The half-year reporting season continued this morning with well-received updates from CWN, AMP. EHE, SUL, NPX. SRV, SMX and CDA offsetting misses from WES, IIN, PNA, SPK, IOF, WSA and DLS.  The market has continued to rally during a reporting season that has highlighted the effects of a lacklustre economy.

"The local reporting season passed the half way mark yesterday, and the overview stands in stark contrast to the market performance," CMC chief market strategist Michael McCarthy told Fairfax. "Sales and earnings are down around 4 per cent across industries on average, although there is huge variation from stock to stock and sector to sector. Yesterday’s $5.5 billion in trading suggests a high level of commitment from cash investors, adding to the possibility of further strong gains."

Sector highlights this morning included gold +1.1%, consumer discretionary +1%, utilities +1% and health +0.2%. Property trusts -1.2%, consumer staples -0.9%, energy -0.8% and metals & mining -0.7% kept the market in the red.

The mood was brighter in Asia. Hong Kong's Hang Seng gained 0.19% and Japan's Nikkei 0.53%. Trading on China's Shanghai Composite was suspended for a public holiday.  Dow futures were recently down 16 points or 0.1%.

Crude oil futures cents dived another $1.11 this morning to US$50.64 a barrel. Spot gold was $5 stronger at US$1,215.90 an ounce. The dollar was buying 78.26 US cents.


Kinda wish I'd read that MBT announcement when the share price was 3c, rather than waiting til it was 30c. Next time I'd do it different. It's important to learn from your once-in-a-lifetime-opportunity mistakes. Been a morning of profitable regrets. Managed to catch the absolute low in IIN, only to give the shares a way a minute later for what seemed a terrific profit. Until the share price bounced another 30 cents. Yeah. I'd do that one differently, too. Slow going since then. Took GPT for a bounce, then failed to sell into it. Might have to brush up my technique.