daytrading august 23 afternoon

Thanks Endless. All the best for your ski trip.

Half-time round-up:

The share market has staged its biggest rally in six weeks, aided by gains in Asia and positive US futures following 24 hours of improving global economic signals.

At lunchtime the ASX 200 was 56 points or 1.1% ahead at 5132 and on track for its seventh weekly gain in nine weeks. A broad rally lifted all sectors this morning, led by gains in gold +5%, consumer discretionary +2.1%, energy +1.9% and industrials +1.6%.

The gains followed an unexpectedly positive manufacturing report from China yesterday, upbeat reports on jobs and housing from the US overnight and an up-swing in European business activity.

"Yesterday's China's upbeat PMI data soothed the mood while some investors were frustrated over concerns regarding emerging countries. And therefore investors were not ready to turn 'risk on' yet. The data from the US and Europe reassured them," a senior strategist at SMBC Friend Securities in Japan told Reuters.

Dow futures were recently 19 points or more than 0.1% stronger. The Shanghai Composite rallied 0.31%, Hong Kong's Hang Seng 0.63% and Japan's Nikkei 2.33%.

Spot gold edged up 70 cents this morning to US$1,376.90 an ounce. Crude oil futures were little changed, down four cents at US$105.16 a barrel. The dollar was buying 90.37 US cents.



Best thing about this morning's gap open: everything held overnight opened stronger. Worst thing: everything I hoped to pick up cheap opened stronger. I'd be a happier man if I was still holding everything I bought yesterday, rather than just MBE and FAS. Managed to catch IDC near the low for a couple of pips. Hoped SSN would offer a bounce from the post-placement sell-down but those cheap institutional buyers seem content to sell for a lousy pip. How dare they do exactly what I want to do one pip higher. Watching ICG, waiting.