Thanks Endless. Half-time round-up:Resource stocks steered the...

Thanks Endless.

Half-time round-up:

Resource stocks steered the Australian share market to a seven-week high this morning as Asian markets inched ahead despite soft overseas leads.

At lunchtime the ASX 200 was up 35 points or 0.8% at 4307, the first time the index has cracked 4300 since December 7. The strongest sectors this morning were gold +4.1%, metals & mining +2% and materials +1.8%.

"We saw a buoyant risk environment in Asian trade yesterday, as well as strong gains across Europe. Being a risk-dominated market, we really have opened up strongly this morning," IG Markets analyst Stan Shamu told Fairfax.

The surge in risk appetite since the start of the year was underlined by the Australian dollar's push to six-month highs. The Aussie hit $US1.0686 this morning but has since pulled back to US$1.0616.

Japan's Nikkei was just ahead at +0.02% and Hong Kong's Hang Seng up 0.2%. Shanghai remained closed for Lunar New Year holidays. Dow futures were recently down 10 points or 0.1%.

Crude oil futures eased 10 cents this morning to US$99.77 a barrel. Spot gold was $1.60 softer at US$1,718.80 an ounce.


The XJO is getting into interesting territory now, close to the resistance levels that have held since August. It may have the momentum to keep going, but a pullback first seems likely. I haven't adapted especially well to the change in conditions this year and need to find more trades. Just one so far today - OSH on pullback. Sitting in buy queues for a few more.