daytrades may 12 afternoon, page-2

Thanks HLL

The Australian stock market was experiencing broad-based gains at noon with strong rises in gold, financials, retail, energy and resources sectors.

All Ordinaries index was up 34 points, or .75 per cent, at 4,607 points.

"The gold sector today is faring exceptionally well as one of the standout sectors today. The market should continue to improve unless negative data emerges from Europe or China. We will continue to trade in positive territory today unless we get some more data out of Asian markets,"

In economic news: The ABS says housing finance for March fell 3.4% from February. Data showed that just 48,260 home loans were granted in March the smallest monthly amount in nine years.

Electricity and gas distributor SP AusNet (SPN) has reported an 18% increase in full year profit to $209 million today on the back of a 14% increase in revenue. In its full year results the company made mention of the Victorian bushfires, saying it will vigorously defend claims that faulty power lines caused damage during the fires. The company also says it is the subject of a large audit by the Australian Taxation Office, and has been informed that the ATO intends to disallow previous deductions it claimed. SP AusNet declared a final dividend of 4 cents a share. Shares in SP AusNet gained 1.7% to $0.895.

Window furnishings company Kresta Holdings Ltd (KRS) has bucked the trend reporting strong sales for the third quarter. Sales for the third quarter rose 5% to $29.5 million, the company saying the result gives it confidence that it is on track to achieve record profit for the full year. Kresta says that while last years sales were boosted by the federal governments stimulus package, it believes the introduction of a range of innovative product ranges and recent acquisitions are helping to lift sales this year. Kresta shares rose 5.56% to $0.38.

The best performing sector at midday is the Energy index, up 234 points at 14,875.

The worst performing sector is the Telco Services index, down 3 points to 1,033.

Gold is trading at US$1,228.80 an ounce and the Aussie dollar is trading at 89.54 US cents.

MORNING TRADES

GLF: .022c/.025c
DTM: 16c/.165c
BUR: Watching

http://www.marketwatch.com/
http://www.thebull.com.au/
http://www.news.com.au/business/

Patience, Decisiveness, and Calmness

Calmness

Remaining calm during trading is one of the most important personality traits for a day trader, but it is also one of the most difficult to obtain and practice. As humans, the natural reactions to a winning trade are excitement and joy, and the natural reactions to a losing trade are panic and sadness, but day traders need to control these emotions, otherwise they will adversely affect their trading decisions (particularly the negative emotions). For example, the panic that occurs after a losing trade might make you take a new trade almost immediately in an attempt to make the money back, even though there was no trade according to your trading system.