daytrading march 20 afternoon

Thanks Endless.

Half-time round-up:

Soft industrial and defensive stocks dragged the Australian share market lower for the third day in four as Asian markets declined.

At lunchtime the ASX 200 was down 12 points or 0.3% at 4277 with the industrial sector pacing the falls, down 1%. Telecoms, utilities, health and consumer stocks were also notably weak. The twin pillars of the domestic market - the financial and materials sectors - were both down 0.1%.

The falls came despite the minutes from the last Reserve Bank rates meeting showing the central bank is more optimistic about the global economic outlook than it was at the end of last year as the risk to Australia from the European debt crisis diminishes.

"Overall, members noted that while this downside risk could still materialise, this seemed somewhat less likely than a few months ago," the minutes said. "On balance, the board considered that it was appropriate for interest rates to be around their average levels, which was judged to be the case at present."

The dollar was hovering at US$1.0597 and near a 10-month high against the yen, buying 88.37 yen.

Asian markets fell back as the weekend's Chinese housing report continued to weigh on buyer confidence. Shanghai dropped 0.25% and Hong Kong's Hang Seng 0.2%. Japan's Nikkei was closed for a public holiday. Dow futures were recently down two points or less than 0.1%.

Crude oil futures eased 25 cents this morning to US$107.74 a barrel. Spot gold was $1 weaker at US$1,662 an ounce.


Still plenty of evidence of bullishness in this market: lately the green days are solid, finishing at their highs, while the pullbacks tend to be very minor as dips are bought. Bodes well for the weeks ahead. A nice morning here after yesterday's frustrations: caught the high in RED, scalped GCN, grabbed a few TCL near the low and have some SGM for any arvo recovery.