The Australian share market shrugged off weak overseas leads to push to its highest level in almost four months this morning, testing long-term resistance.
At lunchtime the ASX 200 was ahead 25 points or 0.6% at 4327 after earlier reaching a level last seen on December 5 last year. A broad rally lifted all sectors except utilities (-0.2%). The biggest gains came in health +1.2%, consumer staples +1% and gold +0.9%.
The rally came despite falls on European and US markets overnight and across Asia this morning. Japan's Nikkei dropped 1.04%, Shanghai 0.88% and Hong Kong's Hang Seng 0.69%. US futures were more bullish - Dow futures were recently up 19 points or more than 0.1%.
Crude oil futures dropped 15 cents this morning to US$106.92 a barrel. Spot gold was $1.80 softer at US$1,679.30 an ounce. The dollar was buying US$1.0439.
Looks like the XJO breakout may finally be on. Go you good thing. There's no rhyme nor reason to why it should happen this morning, so far as I can see, but the big money generally does whatever catches most people on the wrong side of the trade. Perhaps end-of-quarter window dressing? Next target appears to be around 4350 and then there's significant upside. Meanwhile I've been busy finding the hardest ways possible to make money. Some days are armchair rides, some white-knuckle. Bought into BRU and NUF too early and endured long waits until both began to come good. Also had a brain-snap and bought one of the biggest woofers on the market. Someone give me a slap. Won't reveal just yet - too illiquid and too easy to trade against.
