daytrade diaries... november 24 part 2

Half-time round-up:

The Australian stock market again surrendered early gains this morning in cautious trade ahead of a slew of U.S. economic data.

At lunchtime the ASX 200 was down 12 points or 0.26% at 4704 despite a strong overnight lead from US and European markets. The index was dragged down by selling in the mining sector, down 0.8%, materials -0.7% and property trusts -0.7%. Energy +0.5% and utilities +0.2% were the pick of the sectors.

There was good news for the coal industry as the Federal Government boosted carbon trade compensation to big emitters as a sweetener to the Opposition today. The changes would mean an additional $1.28 billion in expenditure.

Elsewhere, the managing director of the International Monetary Fund (IMF) warned that the huge amounts of capital being pumped into China could fuel a pan-Asian bubble. Dominique Strauss-Kahn said conditions in Asia were conducive to bubbles forming unless the authorities dampened demand.

Asian markets were mixed. Japan's Nikkei continued to retreat, sliding 0.5%, while Shanghai rose 0.48% and Hong Kong's Hang Seng fell 0.32%. Dow futures were a mildly bearish -23 ahead of tonight's heavy schedule of economic releases.

The spot gold price slipped back off its overnight record high, recently trading down around $4.50 this morning at $1,160 an ounce. Crude oil slid a further 30 cents to $77.39 a barrel.


Busy morning. Small run on BBG from the open. Scalped GGG off its lows. Grabbed some DOM on this pullback. Small position in BCC - looks like building a reversal candle. Partial fill in BPH on pullback.