daytrade diaries july 31 part 2

Australian stocks rose 1 percent on Friday, with strong metal prices giving miners a lift, as confidence grows that the global economy and company earnings are on the path to recovery.

Global equity and commodity markets were pushed higher as economic optimism was refreshed with a flow of solid corporate results, encouraging economic data and China reiterating a commitment to expansionary policies.

The financial sector is up a further 1.5pct at lunchtime with the ANZ (ANZ) the stand-out of the big four, firmer by 3.2pct to $18.31. Macquarie Group (MQG) is up 1.2pct to $44.22.

The energy sector is firmer by 1.2pct on a firmer oil price.

A surge on the London Metals Exchange overnight has seen the materials sector rise by 1.4pct at lunchtime with BHP Billiton (BHP) firmer by 1.5pct at lunchtime to $37.70 and Rio Tinto (RIO) up an impressive 2.6pct to $59.62.

The Australian dollar is slightly stronger against the greenback and at 12.40pm AEST is buying US82.7c.

The benchmark S&P ASX 200 index .AXJO gained 40.3 points to 4,230.8 by 0126 GMT, and touched a peak of 4,233.2, it highest since Nov. 6.

Australian rural services group Elders Ltd ELD.AX was by far the biggest gainer, surging as much as 56 percent to a 2 1/2 month high of A$0.43 after the group said it would sell its insurance unit to QBE Insurance Group (ASX: QBE.ax) for A$270 million ($222.8 million).


Trading Plan For Me This Afternoon:
In BLY & VPG as a weekend hold.

ELD's Scalp didn't quite go my way as my sell order hasn't been taken out yet. Lots of transaction but going no where!
Longer term this should move higher but the volume makes it easy to scalp 1 tick.

EPG: order at 0.2 which it should drop down to next week.

REX: Longer term hold as there is more run to this. Very illiquid so not a trade.

Good luck with your trading...

Ice