Surging mining stocks helped Australian share indexes punch to new nine-month highs this morning.
The ASX 200 added 60 points or 1.43% this morning to touch 4339, the index's highest level since November, before falling back to 4324. Propelling the market higher were gains in mining (+3.4%), materials (+3.2%), IT (+2.5%) and gold (+2.3%) as investors rotated out of defensive sectors, including utilities (-2.9%), health (-1.3%) and consumer staples (-0.7%).
Asian stocks rallied, with the Nikkei up 1.06% in morning trade and the Hang Seng up 0.56%. Dow futures were recently down 9 points.
A busy and profitable morning here. Made some poor decisions but still made good money. Pat on the back for spotting the IRE breakout yesterday and a kick up the backside for cashing out too quickly. Caught MLS near its low but again took profits too soon. Nice bounce trades in MTS, SFR and PBG. Dumped AZC at the open - position too small to retain. Also out of CMW - no momentum today. Added AGK at support. Got played for a sucker by the instos on AMC - conned into buying early not once but twice by dummy bids in the buy queue. Nursing a paper loss and watching for a less painful exit.
Potential overnight holds: PRU could have legs after clearing the old resistance. I also like the look of FRS, IPL and GPM. The SFR pullback is getting interesting. No positions in these yet - will decide near the close.
