daytrading dec 2 afternoon

Thanks Suzie - doing a great job. Half-time round-up:

The Australian stock market is on target for five winning sessions in a week for the first time since March after the big banks shrugged off a credit downgrade and Asian markets traded mixed.

At lunchtime the ASX 200 was up 18 points or 0.4% at 4246 despite mining stocks turning negative. The financials sector rallied 0.5% despite news that the big four domestic banks have had their credit ratings reduced by one notch by Standard & Poor's to bring them into line with global peers and reflect increased systemic risk.

"Because every bank seems to have been moved [by S&P], the relative categories are pretty much the same," Bell Potter securities banking analyst TS Lim told Fairfax.

Asian markets moved in opposite directions this morning. Japan's Nikkei rallied 0.28% but Shanghai fell 1.16% and Hong Kong's Hang Seng dropped 0.3%. Dow futures were recently up 7 points or less than 0.1%.

"Some consolidation after a massive rally is a good thing," Options Xpress market analyst Ben Le Brun told Fairfax. "Investors have been scared away. It would be nice to see a lot of the cash that's parked on the sidelines at the moment slowly start to trickle back into the market. If we get a good rally up like we did yesterday - more than 2.5 per cent - and follow that up with a mildly positive or mildly negative day, hopefully still with good volumes, that starts to shore up a bit of confidence."

Crude oil futures rallied 8 cents this morning to US$100.07 a barrel. Spot gold was $8.50 softer at US$1,739.10 an ounce. The dollar was buying US$1.0225.


A bullish morning to complete the most promising week in months. Been a week to remember. A morning of modest achievement here - scalped CZN in the initial bounce and sold a few BBG from earlier. Had near misses in a few others.