Australian stocks eased this morning, dragged lower by the sectors that drove last week's rally.
At lunchtime, the ASX 200 was off 13 points or 0.32% at 4049 after falls in the materials (-1.6%) and metals & mining sectors (-1.7%). Property trusts and telecoms led the gainers, up 1.3% and 0.6%, respectively.
Asian markets also retreated. The Nikkei fell 0.67% in morning trade and the Hang Seng was down 0.84%. Dow futures were recently markedly lower at -42.
Oil slipped in early trade, recently down more than 60 cents at $71.62. Gold recovered from early weakness to trade virtually unchanged from early this morning at $938.50.
A good busy start to the week here. Trade of the day is NUF, bought as it broke out of a tight consolidation pattern. Nice Adam and Eve reversal in the making there for swing traders. Small profitable bounces in MAK and PBG. Sold half Friday's OGC position and will hold rest on confirmation of a likely reversal today. RIV, bought on Friday, is playing catch-up with the rest of the coal miners, as expected. Less successful (so far) break-even positions opened in CHC and MTH - looking for a point or two this arvo.
