The Australian market has given up more than 180 points or 4.5% this week after another morning of heavy losses.
At lunchtime, the ASX 200 was down 85 points or 2.1% at 3877 after heavy selling in the gold sector (-3.1%), property trusts (3.1%), materials (3.0%) and metals & mining (2.9%). Property companies tumbled after Federal Parliament rejected the "Rudd Bank" plan for an emergency fund to support developments.
Asian markets were mixed. The Nikkei was 0.4% ahead and the Hang Seng down 1.5%. Dow futures were recently +10. Gold slipped a couple of dollars to $933.50. Oil was also negligibly lower at $70.36.
Busy morning. Rode IAG from the open. Traded CEY, TAP and IMF on the bounce. Got into BMN too early. Took SGX at 5.22 - reasonable entry if gold can rally from here. Just grabbed some UGL - looks oversold intraday.
PJ and MKNOP - many thanks for the kind thoughts this morning. Those hearts next to names sure don't come easy and the folks that have them truly earned 'em. I'll keep plugging away.
