daytrade diaries... december 9 part 2

Half-time round-up:

Stocks retreated for the fourth straight session after sovereign risk concerns reared again overnight.

At lunchtime the ASX 200 was down 44 points or 0.93% at 4627 as resource stocks followed commodity prices south. Hardest hit were the gold sector (-3%), metals & mining (-1.7%) and materials (-1.6%). The financial sector lost 1%. Property trusts and telecoms were the only sectors to advance, up 0.4 and 0.1% respectively.

Consumer confidence fell for a second month as rising interest rates took a toll. The Westpac-Melbourne Institute index of consumer sentiment slipped 3.8% to 113.8 points this month, but the index remains 23.7% higher than a year ago.

Demand for home loans eased in October, but not as much as economists expected. Australian Bureau of Statistics data showed 63,865 home loans were granted in October, a 1.4% seasonally-adjusted fall on September but ahead of expectations for a 2% fall.

Asian markets fell back. Japan's Nikkei lost 1.23%, Shanghai 0.98% and Hong Kong's Hang Seng 0.7%. Dow futures were at +17.

Crude oil futures bounced nearly 40 cents this morning to $73.03 a barrel. The spot gold price inched higher, up 70 cents this morning to $1,131.20 an ounce.


Plenty of disappointment around the market and I'm up to my knees in one of the biggest: OEX. Ouch. My biggest loss this year. Made a little revenge money by scalping off the lows. Will hold now until the second well drills. Otherwise a profitable morning. Bought IAG when it opened at support. Nice scalp in FCN - in 20, out 22. MPO trade from yesterday looks to be coming good - possible trend-reversal candle building.