Thanks Gttrain.
Half-time round-up:
Australian shares followed Asian markets higher this morning, advancing for a third session in four to a new 16-week peak.
At lunchtime the ASX 200 was ahead 22 points or 0.5% at 4387, a level last seen in early May. All sectors except IT and consumer stocks advanced, led by telecoms +1.9%, energy +1.4% and utilities +1%.
The market turned higher as Shanghai shook off yesterday's early gloom over weekend news that house prices rose for a second month, reducing the prospects for further monetary easing. Shanghai was lately up 0.36%, Japan's Nikkei 0.13%, and Hong Kong's Hang Seng 0.01%. Dow futures were up nine points or 0.1%.
"US economic data has been better, with the housing sector turning around," Shane Oliver, head of investment strategy at AMP Capital Investors, told Bloomberg. "Eventually, Asian exports will rebound. Asian equities aren't overvalued after recent gains and Chinese equities are dirt cheap. China's economic slowdown remains a key concern."
The Reserve Bank gave no indication that further rate cuts are pending with the release this morning of the minutes from its last meeting. "With inflation expected to be consistent with the target and growth close to trend, but with a more subdued international outlook than was the case a few months ago, the board judged the stance of monetary policy remained appropriate," the minutes said.
Crude oil futures inched up two cents this morning to US$95.97 a barrel. Spot gold was $1.50 softer at US$1,621.10 an ounce. The dollar was buying $US1.0478.
The path of least resistance continues to be up, at least until we near the May highs. After that we'll likely need more than hope that Europe will blunder through its debt crisis. Been a good couple of weeks for trading breakouts or trying to time reversals. I wanted PEX and SIR this morning but hesitated to chase. Instead, scalped POH and caught some NUP.
- Forums
- ASX - Day Trading
- daytrading aug 21 afternoon
daytrading aug 21 afternoon
-
- There are more pages in this discussion • 120 more messages in this thread...
You’re viewing a single post only. To view the entire thread just sign in or Join Now (FREE)
Featured News
Featured News
The Watchlist
LPM
LITHIUM PLUS MINERALS LTD.
Simon Kidston, Non--Executive Director
Simon Kidston
Non--Executive Director
SPONSORED BY The Market Online