Daytrading July 21 afternoon

Thanks Oscar and morning crew.


Half-time round-up:

The share market's benchmark index crossed 5500 for the first time in almost a year after corporate earnings boosted Wall Street overnight, feeding gains in Asia.  

At 1pm EST the ASX 200 was 39 points or 0.7% ahead at 5527 and on track for its highest close since early August last year. The rally continued to show a mild defensive bent, with gains led by health +1.6% and  consumer staples +0.7% and utilities +0.2% also strong. Other gains included industrials +1.3% and financials +1%. The out-of-favour gold sector tumbled 4.5%.

The market rallied for the 10th time in 11 sessions as a fresh round of quarterly earnings lifted sentiment in the US overnight. Asian markets improved on expectations of further easing in Japan.

“We have better corporate earnings, likely bold fiscal stimulus in Japan, zero interest rates helping to absorb every macro shock we hear about and broad monetary easing,” Chris Weston, chief market strategist at IG, told Bloomberg. “If equity markets can’t rally in this environment they never will and really the key concern holding back fresh capital is significantly elevated valuations.”

China's Shanghai Composite lifted 0.41%, Hong Kong's Hang Seng 0.67% and Japan's Nikkei 1.04%. Dow futures were recently off two points or 0.01%.

Crude oil futures rebounded 20 cents or 0.45% this morning to US$44.55 a barrel. Gold futures were $4.10 or 0.3% softer at US$1,315.20 an ounce. The dollar was buying 74.72 US cents.


5700 is starting to look a real chance on the XJO. This is one of those stealth rallies, where the gains each session are modest, but they're coming almost every day. Trading: wild opening hour when it paid to buy the plunges in ORE and AZY and grit your teeth. Handsome rewards in each after some angst. Also took something out of AJM. Still holding SAU and KIN.