daytrades feb 23 afternoon

Thanks Tweets. Half-time round-up:

Local stocks backed off from yesterday's four-week high as regional markets followed Wall Street lower.

At lunchtime the ASX 200 was down 20 points or 0.43% at 4697 as most sectors traded lower. Property trusts bucked the downtrend, rising 0.7%. Gold miners once again fronted the falls, sliding 1.5%, followed by metals & mining -0.9%, materials -0.9% and health -0.9%.

In economic news, forecaster BIS Shrapnel says Australia is well on the way to recovery and interest rates will rise by at least two percentage points over the next four years. The company's Long Term Forecasts for February predicts GDP will rise 2.7% this financial year, 3% in fiscal 2011 and 3.8% in 2-12 and 2013.

"Growth will pick up speed over the next two years and build into a boom later this decade," the report said.

US senators voted this morning to progress a $US15 billion package to spur job growth. Several Republicans broke ranks to advance the bill. Democratic Senator Ben Cardin said the measures will help save or create 1.3 million jobs.

Asian markets weakened this morning. Japan's Nikkei fell 1.05%, Shanghai 1.38% and Hong Kong's Hang Seng 0.78%. Dow futures were at -12.

Crude oil futures slipped 20 cents to $79.85 a barrel. The spot gold price was 20 cents lower at $1,112.80 an ounce.


It's been hard work squeezing a quid out of the market this morning. Took a small profit in OBJ from yesterday when it became obvious it wouldn't run today. Grabbed some FLT at 18.70 because it has had the happy habit recently of sinking early on and then recovering as the day progresses. Also holding CEY at break-even - looking for a few points this arvo. Keep an eye on Shanghai - down for a second day and sliding.