daytrade diaries...november 26 part 2

Half-time round-up:

The Australian share market remained locked in a holding pattern this morning as a weak financial sector countered strength in resource stocks.

At lunchtime the ASX 200 was up 2 points or 0.05% at 4724 and stuck in the narrow trading range that has developed over the last two-and-a-half weeks. The market is basically unchanged since November 10.

This morning's two-speed market saw the mining and materials sectors rise 0.9% and financials fall 0.5%. Gold was again the pick of the sectors, up 2.2% as the spot price punched to a new high, recently trading at $1,193.30 an ounce.

Sentiment towards financial stocks wasn't helped by life insurer Tower Australia’s full year profit tumbling 32%. Tower shares were recently down more than 7%.

Home owners fearing another interest rate rise next week may take heart from an unexpected fall in business investment, announced this morning. Capital spending slipped 3.9% from the previous quarter, the ABS said today. Economists had expected a rise of 1%. The news is food for thought for the Reserve Bank when it considers hiking rates for the third straight month.

Asian markets were mixed and little changed. Japan's Nikkei's was up 0.1%, Shanghai was up 0.07% and Hong Kong's Hang Seng dipped 0.14%. Dow futures are pretty irrelevant with a public holiday tonight but were recently +10. Crude oil futures were 26 cents lower at $77.59 a barrel.


A better morning here in a dull week. Caught ALY at its lows for a decent bounce trade. Took a quick profit on BCC. Still think it will run higher but I'm holding too many shares for these conditions. Something doesn't smell right in our market just now - feels like all the strength has seeped away.

PS If he's not already long-lunching, happy birthday Wilson.