daytrade diaries... october 16, page-35

Good morning,

The Dow carved out another one-year high Thursday as rising oil prices and a late-session rally overshadowed bank sector caused by Citigroup's and Goldman Sachs' profit reports.

The Dow Jones industrial average (INDU) gained 47 points, or 0.5%, closing above 10,000 for the second session in a row. The Dow is currently at its highest point since Oct. 3, 2008, when it closed at 10,325.38.

London's FTSE 100 index of leading shares closed down 33.15 points, or 0.63 per cent, at 5,222.95 points.

FRANKFURT - The DAX lost 23.37 points, or 0.4 per cent, to 5,830.77 points.

PARIS - The CAC 40 index edged up 1.16 points, or 0.03 per cent, to 3,888.83.

Oil climbed to a one-year high above $US77 in New York after inventory data showed a tightening of supplies in the United States, the world's biggest energy consuming nation.

A surprisingly sharp drop in particularly gasoline stockpiles last week, based on figures provided by the US Energy Department, lifted prices that had been rising in recent days due to the weak US dollar.

New York's main contract, light sweet crude for delivery in November rose $US2.40 to end at $US77.58 a barrel, the highest since October 14, 2008.

The Australian share market is expected to open slightly higher on Friday, with Wall Street holding onto modest gains amid mixed economic data and corporate outlooks.

At 0652 AEDT on the Sydney Futures Exchange, the December share price index contract was 14 points higher at 4,882.

There are no economic data scheduled for release on Friday.

Gold down 14.10 to US$1050.60 an ounce
Silver down 49.3c to US$17.415 an ounce
Copper up 1.45c at US$2.8590 a pound

Watching ELD and PRR

http://www.marketwatch.com/
http://www.thebull.com.au/
http://www.news.com.au/business/

ALWAYS use stops - Day trading without stops, or moving stops is the number one ruin of unsuccessful traders. Set them as soon as you enter a trade. If you get stopped out of three consecutive trades you are out of sync with the market. Walk away for 15 minutes and come back for a fresh start.