Stocks hit a new 2009 high this morning as this long, unbroken rally stretches into a fifth week.
At lunchtime, the ASX 200 was up 40 points or 0.94% at 4339 after earlier touching a nine-month high at 4347. Property trusts played catch-up after a month of gains for the big miners and financials, rising 3.2% this morning. Also well ahead were telecoms (+1.2%), consumer staples (+1.2%) and financials (+1%). As Almagoo pointed out, news of a possible takeover bid for Felix Resources lit a fire under the coal sector, with healthy gains for CEY, SRL and MCC.
Asian markets fared even better than local indexes. The Nikkei rose 1.42% and the Hang Seng 2.34%. Dow futures were recently +7. Oil futures recovered some of Friday's losses, rising 25 cents this morning to $70.81 after some initial weakness.
Another distracted morning here but profitable scalps on retrace in VMG and IRD. Lost patience with AON and sold for brokerage. Currently empty-handed after cashing out of most holdings on Friday.
Potential overnight holds: HFA and ENE (thanks Kevi) on breakout. Perhaps CER for property exposure. Watching PAN, CTX and AOE on retrace.
