daytrades april 20 afternoon

Thanks Tweets. Half-time round-up:

Shares and the dollar rebounded this morning as regional markets and US futures rallied.

At lunchtime the ASX 200 was ahead 54 points or 1.1% at 4848 as a broad rally carried all sectors except IT higher. Resources recorded the biggest gains, gold stocks rising 1.8%, metals & mining 1.5% and materials 1.5%. BHP was up 1.35% after revealing a 7% increase in iron ore production last quarter.

"The top 20 stocks are all up so it's across the board today," Burrell Stockbroking advisor Jamie Elgar told Fairfax. "BHP and Rio would be the main contributors, with a bit of support from financials."

Dow futures were up 31 points or 0.25% following gains in Asia and a positive reaction to earnings reports from Intel and Yahoo delivered after the US share market closed this morning. Japan's Nikkei rallied 1.43%, Shanghai 0.54% and Hong Kong's Hang Seng 0.95%.

The dollar pushed back towards US $1.06 this morning as yesterday's greenback rally faded. The Aussie was recently buying US $1.0582.

"I guess the market is questioning that US dollar buying that started yesterday," HiFX trading director Mike Hollows told Fairfax. "Initially, it was a standard scenario risk aversion - sell Aussie, sell kiwi, buy safe-haven currencies. But there's certain irony in that when the US itself is being put under the spotlight by one of the rating agencies."

The economy looks set for above-average growth, according to a survey released this morning. The WBC/MI Leading Index, which projects likely economic activity three to nine months ahead, recorded growth of 4.7% in February, compared to the long-term trend rate of 3.3%.

Crude oil futures were 27 cents stronger this morning at US $108.67 a barrel. Spot gold rallied $1.30 to US $1,497.80 an ounce.


What a difference a day makes. The market looks solid as a rock this morning. Which is more than I can say for my concentration. My trading brain seems to have taken an early Easter break. Had a few near misses this morning but no trades as yet. Must try harder.