daytrade diaries....friday, page-2

morning guys,

certainly a more positive lead from the US, it was good to see the DJIA test and bounce once again at the 7850 level even on the back of some very ordinary economic news. Two of the major factors in the rally overnight was the decline in the japanese yen which is a signal that the market is seeking a bit more risk and secondly rumours the US is going to relax mark to market accounting rules which will be a significant help to the banks.

with more news due out about the TARP on monday and the US senate now looking likely to pass Obama's stimulus plan next week we maybe in a position to expect a couple of days of gains.

I decided to hold 150,000 SGP overnight at average $2.655 as I believe the property sector is due a trading bounce and could see significant gains in the coming sessions.

given the performance of the Baltic Dry Shipping index recently you can see the effects of a more positive tone in regards iron ore with BHP,RIO,FMG,AGO all bouncing nicely. On the back of this theme i'm looking at some of the coal names to also have a rally so looking at CEY,SRL,MCC,GCL,NHC.

using ORG as a classic oversold bounce opportunity example, which ran allmost $2 from its recent lows in just two sessions, I expect to see companies such as STO,WDC,AGK,LEI to provide some interesting trading opportunities.