daytrade diaries... thursday, page-3

Morning all.

Overnight update: a limp session on Wall St left US markets marginally ahead after yesterday's tantrum. The major markets closed 0.6 - 0.8% higher. Bank indices bounced back 5% from yesterday's heavy losses and gold miners rallied as the price of gold surged 3.3% towards $945, a new high for this year.

Oil tumbled on weakening US demand, losing 4% to $36. It's closing on last year's low and needs to hold around these levels. Base metals were mixed as nickel and copper continue to pull back from recent highs.

Our market was surprisingly strong yesterday on the back of some reasonable company results, but it wouldn't surprise to see weakness today. The SPI eked out a meagre gain of 13 points to 3443.

I'm holding LNC, which recovered well from yesterday's low, and SGP, bought near the close on speculation that the bad news is priced in and shorts might start to cover now a capital raising seems less likely. Tight stop. AIO provided a couple of quick scalps yesterday and I'll watch that today. I'll also watch the market reaction to LEI's results announced today. It looks primed to rally if the market likes what it hears.