daytrade diaries... november 3 part 2

Half-time round-up:

Early gains for the local share market ebbed away this morning in cautious trade ahead of this afternoon's interest rate decision and Melbourne Cup.

At lunchtime the ASX 200 was down 5 points or 0.11% at 4535, with buying in the gold sector (+3.3%), IT (+1.5%) and utilities (+1.1%) countered by selling in financials, down 0.8%, and energy, down 0.5%.

In economic news, 18 of 22 economists surveyed by Bloomberg News expect the RBA to lift the overnight cash rate target to 3.5% from 3.25% at 2.30 pm today. The other four surveyed expect a 0.5% rise.

Asian markets were mixed. Japan is closed for a holiday but South Korea's Kospi added 0.3% in early trade and Hong Kong's Hang Seng slid 0.1%. Dow futures were positive at +22. The spot gold price charged nearly $7 higher this morning to $1065.40.


A sluggish morning - plenty of people looking to exit before this afternoon's two big events and who can blame them. Just one small incomplete trade here but profitable - caught BTR at 38/39, now selling at 44. Also exited some ABY left over from yesterday near today's high.