Thanks Endless. Half-time round-up:Australian stocks inched to a...

Thanks Endless.

Half-time round-up:

Australian stocks inched to a four-week high this morning as most Asian markets rallied following successful overnight bond auctions in Italy and Spain.

At lunchtime the ASX 200 was up 14 points or 0.3% at 4195 and on track for a second straight winning week. Resource stocks were once again the main driving force, with metals & mining stocks and energy stocks up 0.7%. Smalls caps also outperformed, rising 0.8%. Consumer staples, down 0.5%, was the worst of a handful of sectors to lose ground.

Asian markets took their lead from solid bond auctions in Europe, rather then tepid overnight US economic data. Japan's Nikkei put on 1.34% and Hong Kong's Hang Seng added 0.45%. Shanghai gave up early gains to fall 0.18%. Dow futures were recently up eight points or less than 0.1%.

Oil recovered some of its overnight losses following reports that Europe will delay imposing an oil embargo on Iran. Crude oil futures recouped 45 cents this morning at US$99.41 a barrel. Spot gold was $8.50 softer at US$1,642.20 an ounce. The dollar was buying US$1.0325.


Geez, the intraday trading range on the XJO just keeps tightening. The benchmark index's range this morning was a skinny 13.5 points, about the same as yesterday before QBE's profit downgrade. I rely largely on volatility to find trades, so I'm doing it tough in these conditions. Squeezed a few points out of GNC on its first bounce and just got back in. Looking for AAC to recover. Subsistence trades.