daytrade diaries... february 2, page-8

Good morning,

US Stocks surged Monday, starting off a new month with strong gains, as investors welcomed better-than-expected reports on personal income, manufacturing and Exxon Mobil's profit.

The Dow Jones industrial average (INDU) rose 118 points, or 1.2%, according to early tallies. The S&P 500 index (SPX) gained 15 points, or 1.4%. The Nasdaq composite (COMP) added 24 points, or 1.1%.

Analyst said "People getting in at these levels are assuming that this is another of the mini-corrections we've seen over the last 11 months, but I would be skeptical,"
LONDON - European shares moved higher on Monday on the back of encouraging US manufacturing figures and robust results from oil giant ExxonMobil.

London's FTSE 100 index of leading shares gained 58.89 points, or 1.14 per cent to close at 5,247.41 points.
FRANKFURT - The German DAX gained 45.69 points, or 0.81 per cent, at 5,654.48 points.

PARIS - The CAC 40 index in France rose 22.55 points, or 0.6 per cent, to 3,762.01 points.

Oil prices climbed, reversing earlier losses caused by worries over weak demand, analysts said.

New York's main futures contract, light sweet crude for delivery in March, gained $US1.54 to settle at $US74.43 a barrel.

Australian stocks are expected to open higher after Wall Street rebounded from recent losses on strong results from oil giant ExxonMobil and positive data releases.

At 0705 AEDT on the Sydney Futures Exchange, the March share price index contract was 32 points higher at 4,541.
In economic news on Tuesday, the Reserve Bank of Australia (RBA) will hold its first monthly board meeting for 2010 to consider official interest rates. It is to announce its decision at 1430 AEDT.

GOLD up $21.20 to US$1105.00 an ounce
SILVER up 47c to US$ 16.66 an ounce
COPPER up 3.1c at US$3.0835 a pound

Today's Financial Calendar
February 02 2010

Euro-Zone PPI Dec
UK PMI Construction Jan
(AUS) - RBA interest rate decision
(AUS) - NAB Business Conditions and Confidence Dec
(USA) - Pending Home Sales Dec
(USA) - ABC Consumer Confidence Jan
(HIL) - Interim Result
(HNG) - AGM

http://www.marketwatch.com/
http://www.thebull.com.au/
http://www.news.com.au/business/

You need to determine what kind of trade this is for you?

Long term, medium or short term?
How big a position do you want to take?
Where profit point would you be happy to exit the trade?
At what price will you cut your losses and walk away?