Daytrading July 7 afternoon

Thanks Endless.

Half-time round-up:

Australian stocks marked time with other regional markets this morning ahead of the resumption of trade on Wall Street tonight and the start of a new US earnings season later in the week.

At lunchtime the ASX 200 was eight points or more than 0.1% weaker at 5517 following a range-bound morning where just 21 points separated the intraday high from the low. The market put on 150 points during a three-day surge at the end of last week.

Property trusts +1.2%, I.T. +0.8% and consumer staples +0.1% were the best of the sectors. The deepest falls were recorded in gold -0.8%, metals & mining -0.6%, utilities -0.6% and health -0.6%.

The market was little moved by a morning of upbeat economic releases, including the first expansion in construction activity this year. The seasonally-adjusted AIG/HIA Performance of Construction Index rallied 5.1 points to 51.8 last month, the best reading since November.  Jobs increased by 4.3% last month from May and have improved 6% this year despite a Federal budget wobble.

Asian traders were reluctant to move the market far ahead of tonight's US action. China's Shanghai Composite slid 0.14%, Hong Kong's Hang Seng 031% and Japan's Nikkei 0.05%. Dow futures were recently off nine points or less than 0.1%.

“Investors are in a wait-and-see mood,” Yutaka Miura, senior technical analyst at Mizuho Securities in Tokyo, told Bloomberg. “There’s a lack of catalysts to buy.”

Crude oil futures rallied 26 cents this morning to US$104.03 a barrel. Spot gold fell $3.60 to US$1,316 an ounce. The dollar was buying 93.57 US cents.


Geez, this is a good market. My 'hot' list is the longest in probably seven years. Even so, I'm still getting used to the idea that what goes up no longer comes straight back down. Imagine that. Of course, the market rarely shouts free drinks and there were disappointments among the positive surprises. Sympathies to anyone who took MBN near COB on Friday. A retrace was overdue but they really stuck it holders this morning. I'm watching but would like it a bit lower before taking on any risk. I took SBB near Friday's close in the hope the consolidation was over. Got out with a profit, but nothing like the riches that warmed my imagination over the weekend. LSR and APN offered intraday profits and MFG continues to climb.

PS I need a volunteer to open the afternoon thread tomorrow. Going to a funeral. Any takers please?