daytrade diaries... september 28 part 2

Half-time round-up:

Local stocks tracked Wall Street lower this morning as the Reserve Bank governor warned interest rates are set to rise.

At lunchtime the ASX 200 was 57 points or 1.21% lower at 4655 following heavy selling in resources sectors. The gold sector tumbled 3.7%. metals & mining 2%, materials 2%, energy 1.1%, IT 2.2% and financials 1%.

In economic news, Reserve Bank governor Glenn Stevens told a Senate hearing that Australia's prospects were good as the economy emerges from economic downturn. He refused to say when rates would rise but said "both fiscal and monetary support will need to be unwound as private demand increases".

Asian stocks were generally lower. The Nikkei tumbled 2.36% as a rising yen pressured exporters. Hong Kong slipped 1.25% but Shanghai as always went its own sweet way, rising 0.38%. Dow futures were an ominous -27. Spot gold futures were little changed but crude oil continued to trend lower, falling more than 30 cents to $65.82.

Been a morning packed with scalping opportunities. CNT opened near support but didn't advance - in, out for a skinny profit. In and out of QBE for pocket change. Bounces in ALS, MAT and SLR. MEO was worth the punt under 60 cents.

Potential overnight holds: Dow futures look poor, so I'll leave fresh buying until tomorrow. CFU looks itchy to rise. MAE has broken out on news after a lengthy consolidation. SRL may have put in a short-term low this morning but it's an enigma to trade.