The share market reversed two days of losses this morning as optimism over a Greek debt deal offset another mixed batch of half-year earnings.
At lunchtime the ASX 200 was 30 points or 0.5% ahead at 5911 with gains in the health sector +1.3%, consumer discretionary +1.1%, property trusts +1.1%, and financials +0.8% offsetting declines in gold -1.3%, metals & mining -0.5% and materials -0.2%. The domestic earnings season threw up more losers than winners this morning, with share rallies in GXL, MLD, BLY dwarfed by falls in BSL, NHF, BPT, REC, CTX and UGL.
Today's rally came despite claims that a five-week rally has pushed share prices to their highest valuation since the dot-com bubble. CBA equity strategist Tim Rocks told Fairfax the market was at a "pretty scary" level by historic standards after rising almost 9% since mid-January.
Asian markets were mixed. Hong Kong's Hang Seng slid 0.52% and Japan's Nikkei put on 0.86%. Trade on China's Shanghai Composite was closed for the penultimate day of the Lunar New Year holiday. Dow futures were recently off one point or less than 0.1%.
Crude oil futures retreated four cents or 0.1% this morning to US$50.77 a barrel. Spot gold was $1.20 weaker at US$1,202.70 an ounce. The dollar was buying 78.39 US cents.
Opportunities abound at present. There are too many in the opening flurry to get them all, which is why I'm mildly disappointed despite another profitable morning. Still laughing about the fact I had a bid for VET sitting at 7.2c just after the open which I stubbornly refused to move to 8c when there were shares for sale. Oh dear. Nailed the first bounce in GTG, not quite the low in AZV and a part-fill in CYP at the obvious fib bounce level. Good morning's work but coulda shoulda been better.
