Stocks surrendered much of their early gains this morning as investors digested mixed messages for the local economy.
At lunchtime the ASX 200 was up 5 points or 0.11% at 4528, down from an early high of 4554. Retailers were sold off after a surprise drop in retail sales. Sales dropped 1% in July, according to the Australian Bureau of Statistics. Analysts had expected a 0.5% increase. However, consumer confidence jumped to a two-year high, suggesting that punters think the worst of the recession we never really had is behind us.
Gold led today's risers, up 1.4%, followed by industrials +1% and mining +0.5%.
Asian markets were generally lower. Japan lost 0.33%, Hong Kong was down 0.51% but Shanghai rose 0.25%. Dow futures were mildly negative at -17. The spot gold price rallied off this morning's low to $1001.10.
Been a good morning here, thanks to a few scalps some dumb luck. Traded MMR (nice) and RRS (barely worth it), then lucked into HGO just before this morning's announcement. Very nice outcome. Got into ABC too early, but used the last rally to escape with a profit. Added ISS at 20.
Potential overnight holds: CFU developing nicely. For those with a longer perspective, SGM looks to be building a saucer bottom. BLY double bottom? MMR and LYC will be top of the watchlist tomorrow on retrace.
