daytrading feb 11 afternoon

Thanks Endless.

Half-time round-up:

Australian stocks inched to a 33-month high this morning, helped by modest gains in defensive sectors and most of the big banks.

At lunchtime the ASX 200 was four points or 0.1% higher at 4976 after earlier touching 4977.8, the index's highest point since April 2010. Consumer discretionary stocks were the pick of the sectors, rising 1.6% after JBH soared more than 12% on an improved first-half profit. Also positive were utilities +0.9%, telecoms +0.5%, Small Ords +0.4% and financials +0.2%. The materials sector dipped 0.2%.

"With the S&P/ASX index having gained 15% in an almost uninterrupted rally since November, short term traders are positioned to sell and lock in gains on the first signs of the market breaking below support levels," Ric Spooner, chief market analyst at CMC Markets, told Fairfax. "In a tug of war between nervous traders looking to protect profits and investors rotating funds out of cash and into equities, the weight of new money continues to win out. Trader caution about the possibility of a market correction is being heightened by the fact that the ASX 200 index is now at a technical resistance zone between about 4975 and 5020."

The local market was left to find its own way this morning, with all major Asian markets closed for holidays. Emini Dow futures were cautiously positive, up 13 points or less than 0.1%.

Crude oil futures crawled three cents higher this morning to US$95.79 a barrel. Spot gold was 60 cents weaker at US$1,667.30 an ounce. The dollar was buying $US1.0318.


A predictably flat morning, but no real move towards the exits. This party has been going a long time but no one wants to be first to leave. I hadn't realised how predictable my trading habits are until I read the RDM comments here this morning (thanks Trent, V8). I got a wage out of it, but in truth could have traded the bounce much better. Often find I'm too quick to jump on board on Mondays - dunno if it's over-eagerness or the pressure of a new week. Either way I tend to produce my best returns in the middle of the week - in the groove and before the Friday fade. Also had a first dab at ELK this morning on pullback.