Resource stocks and small caps roared higher this morning as regional markets rallied.
At lunchtime the ASX 200 was higher for the first day in four, up 48 points or 1% at 4800. All sectors were trading positive, with the largest gains coming in metals & mining +2.1%, materials +2%, energy +1.7% and the Small Ords +1.5%.
Overnight gains in commodity prices helped the dollar punch back through the US$1 mark. The Aussie was recently buying U.S. $1.0121, up nearly a cent in 24 hours.
Egyptian President Hosni Mubarak this morning announced he will not stand for re-election in September. The news raises hopes for an easing of tensions in the Middle East that threatened to disrupt oil supplies.
Japan's Nikkei jumped 1.95% this morning. Trading in China is suspended for the rest of the week for the Lunar New Year holiday. Dow futures were at +3.
Crude oil futures inched 17 cents higher this morning to $90.85 a barrel. Spot gold eased $2.10 to $1,339.90 an ounce.
Nice to see the market spike higher at the open, but it has hardly budged since. Doesn't make for easy trading. I depend heavily on price alerts to get me into trades and you could have heard a pin drop here for most of the morning. Only found one measly trade, but it was a good 'un - NRU at 6.4.
