Half-time round-up:
The Australian stock market slipped to a two-week low this morning as business confidence hit a seven-year high.
At lunchtime the ASX 200 was down 54 points or 1.13% at 4775 as jittery trade on Wall Street overnight sapped confidence. The gold sector (-3.5%), property trusts (-2.4%) and mining and materials (-2.1%) were hit hardest. Telecoms (+0.4%) was the only sector to limp into positive territory.
In economic news, local business confidence and business conditions continued to improve. The NAB monthly survey of business confidence grew by 20 points to a level last seen in early 2002.
Asian markets retreated sharply. Japan's Nikkei lost 1.53% and Hong Kong's Hang Seng 2.54%. Dow futures were negative at -18. The spot gold price looks to be basing and has inched up to $1040.30. Crude oil also moved higher, up 15 cents to $78.76.
A good morning's trade here with plenty of opportunities to buy oversold shares near support levels. In and out of BLD in under a minute during the opening dump and bounce for 9 points. Rode MOL from 1.07. Skinny scalps in TAL and PAN - more patience would have been rewarded here. Similarly with a break-even trade in WAN. Still holding ABY - looks to be building the reversal candle today that I was looking for yesterday.
Overall, the market is looking very shaky IMO. A lot of up-trend support levels in the mid-caps/larger shares are under pressure. Property trusts copped it hard - could be worth a look tomorrow.
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