daytrading dec 19 afternoon

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    Thanks Endless.

    Half-time round-up:

    Australian shares marked a new 17-month high this morning before paring gains as Shanghai struggled to extend its recent recovery.

    At lunchtime the ASX 200 was 11 points or 0.25% ahead at 4606 after earlier hitting 4627, its strongest reading since last July. A broad rally boosted all sectors except gold -2.2% and telecoms -0.3%. The best returns came in IT +1.4%, utilities +1.1% and industrials +0.6%.

    The Nikkei in Japan this morning topped 10,000 for the first time since April as a change of government over the weekend offered hope of further monetary easing. The Nikkei was recently up 1.22% at 10,043. Shanghai eased 0.06% and Hong Kong's Hang Seng added 0.43%. Dow futures were recently three points or less than 0.1% stronger.

    The morning's only domestic economic news pointed to moderating growth next year. The WBC-MI leading index of economic activity declined to an annualised growth rate of 2.9% in October from 4.1% in September.

    "Last month, we were encouraged that the growth rate in the index was lifting and pointing to a stronger growth pace than we had factored into our forecasts," Westpac chief economist Bill Evans told Fairfax. "Unfortunately, this lift in the growth pace has now faded and is more in line with our views around the likely growth momentum in the Australian economy in 2013."

    Crude oil futures retreated eight cents this morning to US$87.91. Spot gold was $1 firmer at US$1,674.20 an ounce. The dollar was buying $US1.051.


    No surprise to see a few intraday fades on the index lately as it pushes further into new territory for the year. Always tempting to take profits while the going is good. My morning began well with a quick pip from SAR, deteriorated with a part-fill in GGG that will cost more in brokerage to sell than any profit, and then soured in all-too-familiar fashion with BBG. I've been BBG's bitch on more occasions over the last two years than I care to recall, so what made me think today would be any different? If trading is all about learning from your mistakes, I'm in the remedial class today. Stupid is as stupid does. Cheered myself up with promising entries near the low in TRY and under $7 in OZL. Scorecard: F for BBG, B+ for the rest.
 
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