daytrades july 14 afternoon

Good afternoon punters. Feeling a bit cautious today with all the green around. Sold my SSNO I bought back yesterday at 4.3 for 4.9 but set my re-buy too low at 4.5c. Then had bid on OBL at 3.7c for no cigar. A couple of bids getting close but I'm a bit naked for the time being. Kept out of ADO and have given it a yellow card for "over-acting".

I'm trying to be more active with my buy/sells as I tend to be a 'buy and hold' man from long years as an "investor". Today I've been caught out, but the only way you learn is thru experience so my plan is to continue with the buy low sell high strategy until I get it right.

I think we have 6 up days in a row now. The NY traders will be sold out and ready to crunch things imo. That's just a guess tho.

Good to see HLL back. I know there is a lot of pressure to do this open stuff every day and I'm happy to give him a break. But his work is a lot more professional than I can do and no doubt more useful to those of us with the L plates on. That said, when you feel like a break HLL, just say and if no-one else is available for arvos, I'm here most days.

MIDDAY REPORT
Courtesy of Commsec

The Australian sharemarket is up 1.4pct or 61.7 to 4454.2 at lunch with all sectors trading in the black. The miners, energy stocks and financials are all lifting the market into positive territory after easing by around 0.6pct yesterday.

America?s largest computer chipmaker, Intel Corporation (INTC) gained more than 7pct in afterhours US trade after exceeding profit expectations with 2nd quarter profit coming in at close to US$3 billion. This is seeing Asian markets on the rise with large technology sectors in both Japan and South Korea leading their respective sharemarkets higher.

South Korea?s unemployment rate rose for the first time in 5 months to 3.5pct. Singapore?s economy also expanded at a staggering annual pace of 26pct.

Australia?s 2nd largest miner, RIO Tinto (RIO) is up 1.13pct or 75cents to $67.31 ahead of their June quarter update out later today. Its competitor BHP Billiton (BHP) is up 1.67pct or 63cents to $38.25. Commodity prices gained overnight with the both gold and oil prices rising strongly.

Our largest banks are on the rise off the back of strong gains from both US and European banks overnight. Westpac (WBC) and Commonwealth Bank of Australia (CBA) are currently the best performers up over 2pct.

The retailers are gaining broadly in line with our market today.

On the economic front, consumer confidence has risen in July by an impressive 11.1pct, making up for the big falls we have seen over the last couple of months.

The Australian dollar (AUD) also gained overnight and is currently buying US88.26c.

Steven Daghlian
Market Analyst