Half-time round-up:
A rise in retail sales failed to shake the Australian stock market out of a new financial year funk this morning.
May retail figures rose 1% - double economists' consensus projection - but there was a big drop in building approvals, down 12.5% from April. At lunchtime, the ASX 200 was off 80 points or 2% at 3874 after a poor night on Wall St and commodity markets. Falls were heaviest in the IT sector (-3%), materials (2.6%), metals & mining (2.6%) and property trusts (2.6%). After big gains yesterday, the consumer discretionary sector was down 1.9%.
The Nikkei added 0.09%. The Hang Seng was closed for a holiday. Dow futures were recently +10. Gold recovered some of its overnight losses, rising $2.80 to $929.60. Oil has also rallied off its morning low, up more than 50 cents at $70.61.
Trade of the morning here was ESI - perfect entry at 6.2 as the gap filled, premature exit at 6.8. Missed opportunity of the morning was MUN at 32 - too slow on the trigger. Scalped AMC for peanuts at the open. Premature entry in SGM now slowly turning in my favour. Back into UMC - nice upward sloping triangle forming. Also took SPT at 2.11, waiting for the sell-bot to ease off.
Welcome back Poly, and welcome aboard Tweety and other newcomers to the thread.
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