daytrade diaries... february 3 part 2, page-3

Thanks hll.

The Australian share market remained in positive territory at noon following positive results from media group News Corp and gains among the resources giants.

All Ordinaries index had risen 27.8 points, or 0.6 per cent, to 4,656.6 points.

Analyst said "News Corp came out with pretty positive results before the market opened and that business is likely to see some analyst upgrades BHP and Rio are also contributing to the market."

The Australian Industry Group/Commonwealth Bank Performance of Services Index fell 2.6 points to a read of 47.4 in January. The result falling below the 50 mark which separates expansion from contraction.According to data released by the ABS, Australia had a trade deficit of $2.25 billion in December.

And the Housing Industry Association/RP Data report that sales of raw residential land in Australia rose 33% in the three months to September compared to a year ago.

Junior oil producer Roc Oil Company Ltd (ROC) has downgraded its proven and probable reserve at its Basker-Manta-Gummy project. The company says 2P reserves as at December 31, 2009 are likely to be 20% to 25% lower than previously estimated. The company says the downgrade will result in an impairment of Rocs carrying value of its interest in the project. Roc Oil shares plunged 30.71% to $0.44.

Rocklands Richfield Ltd (RCI) has terminated negotiations with Jindal Steel and Power after deciding that its takeover proposal was not in the best interests of shareholders.Just last month Jindal revised its offer to match the 56 cents a share offer made by Chinas Meijin Energy Group which valued Rocklands at around $197 million. Rocklands Richfield posted a loss for the year to June 30, 2009.

The best performing sector at midday is the Materials index up 284 points at 12,181.

The worst performing sector at midday is the Financials index, down 26 to 4,587.

Gold is trading at US$1,114.65 an ounce and the Aussie dollar is trading at 88.71 US cents.

WDS: bought open and sold .78c
ANP: Three bounce trades with all profit
IPL: Short at $3.46
SMA: q @ .025c

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

Here's the most dangerous habits to have as a trader or investor. If you rely on any of them, please be aware that share trading or investing probably won't work:

Buying based on media tips most of Australias newspapers and newsletters have 1000s even hundreds of thousands of readers, so tips, for many, arent very hot.