Strength in the big four banks and builders powered the ASX to new 2009 highs this morning.
At lunchtime, the ASX 200 was up 58 points or 1.34% at 4401 and on course for a third day of gains. The financial sector continued to rally on CBA's profit report, with the big four all up more than 2%. There were strong gains for builders, with JHX, CSR and BLD all pushing to calendar highs. The IT sector piled on 3%, energy 2.2% and financials (ex-property trusts) 2.5%.
Asian markets recovered from yesterday's sell-off. The Nikkei rose 0.73% and the Hang Seng 1.78%. Dow futures were a healthy +30. Gold pushed higher this morning, up more than $4 at $949.90. Crude oil futures also rallied, gaining 50+ cents at $70.74.
Frustrating morning here due to technical problems (I take back anything nice I said about CommSec yesterday - if you're an Iress client, check your alerts are working). Missed the big movers in the REIT sector (well done holders) after several orders went unfilled but I'm happy to sit in MOF so long as the uptrend is intact. Also rode CTX's opening surge for a modest gain.
Potential overnight holds: REITS are hot, so that's a sector to be in - perhaps MDT or MCW. For the patient, TCL looks to be building a saucer bottom. MBN may have more in it. OMH as a reversal candidate.
