The Australian stock market's golden run stretched on this morning, marking the biggest three-day surge in at least a year.
At lunchtime the ASX 200 was up 86 points or 2.2% at 4010 after piling on an extraordinary 273 points or almost 7.5% in three days. Today's gains were fronted by the metals & mining sector (+2.7%), materials (+2.7%), energy (+2.6%) and gold (+2.6%).
Asian markets were carried higher by renewed optimism in the US. The Nikkei added 2.22% and the Hang Seng 1.69%. Dow futures eased to -29 - early days but worth noting. Gold futures slipped $2.60 to $936.50. Crude oil futures slipped 40 cents to $61.40.
Been a solid morning here. Took a small profit on a position in GOA bought late yesterday - no momentum today. Also locked in gains in NWH - had hoped for more. Most of the opening prices this morning were too rich for my blood but I tried VPG as a momentum play and exited for loss of brokerage when it stalled in the blocks. Instead I went back to what I seem to do best - rummaging around the bargain bins. Earned a modest day's wage by buying APG at 3, out at 3.2.
Overnight holds: This will be the first day since Monday that I won't buy at the close, unless something utterly extraordinary catches my eye. Can't see anything compelling right now and the odds favour caution after this amazing run.
