Thanks Endless.
Half-time round-up:
Strength in defensive stocks has helped the Australian share market recoup most of yesterday's losses despite a mixed morning in Asia.
At lunchtime the ASX 200 was 32 points or 0.6% stronger at 5035 but off the session high of 5043. Utilities led the rally, rising 1.9%, followed by gold +1.6% and health +1.4%. The materials sector put on 0.6% and financials 0.5%.
The advance came after US investors applauded overnight signals that the US Federal Reserve will continue its bond-buying program for the immediate future. Fed Chairman Ben Bernanke said there were clear benefits to maintaining the current program.
"Markets welcomed Bernanke's Congressional testimony, in which he put himself firmly on the dovish side," a strategist at Credit Agricole told MarketWatch. "His comments reduced concerns over early withdrawal of monetary stimulus in the US and provided hope that easy financing available for emerging market assets will remain in place."
Asian markets were more restrained in their reaction. Shanghai bounced 0.6% and Hong Kong's Hang Seng added 0.44% but Japan's Nikkei lost 0.64%. Dow futures were recently down five points or less than 0.1%.
Crude oil futures edged up 12 cents this morning to US$92.73 a barrel. Spot gold was 30 cents softer at US$1,613.20 an ounce. The dollar was buying $US1.022.
Hope no one got badly burned on ICG. Besides me, that is. These sort of plunges are usually my bread and butter but I should have been wearing clown shoes for this morning's performance. Bungled the entry, ignored my stop loss and finally exited for a decent loss. Should hand in my membership card for the HC day trader's club. Trees' bouncers probably won't let me into the lounge tonight. Made up some of the loss in a bounce scalp in NRT and still have IPL, TTS, SFR in play and positive. Just added VOR near the 50% retracement. Volume dropping nicely during this retrace. PS Tomorrow's pre-market wrap might be a few minutes later than usual because I've stupidly signed up for an earler-than-usual bike ride with a local gun. Please bear with me.
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Thanks Endless. Half-time round-up:Strength in defensive stocks...
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