Oppsss.... I think someone beat me to it... sorry about the double thread...
The Australian share market is trading strongly at lunchtime, after an upbeat commentary from the Chinese government allayed fears of a further economic downturn and as all the major banks received a broker upgrade. The All Ordinaries Index (XAO) is up 25pts or 0.6pct to 4174.
The financial sector is up 1.4pct after Citi upgraded all the majors from Hold to Buy. Shares in the Commonwealth Bank (CBA) are best out of the big four, firmer by 2.1pct to $40.72 while Macquarie Group (MQG) has risen by 1.8pct to $44.07.
The materials sector however remains under pressure due to weakness on the London Metals Exchange in response to a 5pct fall on the Shanghai Composite yesterday. BHP Billiton (BHP) shares are down 1.6pct at lunchtime in the East to $36.85 while Rio Tinto (RIO) is off 0.5pct to $57.70.
A weaker oil price has shaved 0.7pct from the value of the energy sector.
Similar theme to this morning. I've reduced a number of holdings. Some of them at a loss. Exit all my rcp and toe.
Going out for an lunch and relaxing before getting back into the swing of things. currently holding: ELD and NXS for either a scalp or overnight hold depending on price action.
Comparison wise, the DOW & S&P 500 is attempting to break out. I'll keep my $ in the bank until this is confirm either way.
