daytrades nov 5 afternoon

Thanks Tweets. Half-time round-up:

Regional markets roared higher this morning, with huge gains in mining stocks fuelling gains.

At lunchtime the ASX 200 was 50 points or 1.1% higher at 4795 after earlier breaking the 4800 mark for the first time since late April. Resource stocks led the charge, with the gold sector up 3.7%, metals & mining up 2.9% and materials up 2.8%. Rio Tinto, BHP and Fortescue Metals all hit their highest levels in two years, supported by big overnight moves in commodity prices.

In economic news, rates may be on hold for some time after the Reserve Bank this morning reduced its inflation outlook following this week's rate rise and recent gains for the dollar. The bank lowered its inflation outlook for the end of the December quarter to 2.75% from 3.25% last quarter, bringing it within the bank's target range of 2 - 3%.

Japan's Nikkei jumped 2.67% this morning as resource shares rallied. Shanghai was up 1.15% and Hong Kong's Hang Seng 1.51%. Dow futures were recently at +1.

Crude oil futures rallied 7cents this morning to $86.90 a barrel. The spot gold price was $5 weaker at $1,388 an ounce. The dollar was buying 1.0139 U.S. cents.


A nice morning, even allowing for the predictable fade from the open. I bought back into PAN on the break through recent resistance and added breakout buys in PRU, KZL and RRL. At the other end of the market, there were scalps in CDY for the initial bounce after the gap fill, a barely-worth-it trade in HST and a current hold in MMX.