Thanks Brit and morning regulars.
Half-time round-up:
The share market plumbed a three-month low before paring losses as gains in select yield sectors offset declines in resource stocks.
At lunchtime the ASX 200 was one point or less than 0.1% lower at 5614 and in repair after dropping as low as 5575, a level last seen in late January. Advances in health +1.6%, property trusts +1.2%, telecoms +0.9% and financials +0.1% helped offset falls in metals & mining -2.7%, materials -1.9%, energy -1.6% and gold -1.7%.
"Commodities were a casualty of the stronger US dollar overnight and both the materials and energy sectors are likely to be down in early trading today. This is likely put the ASX 200 index under pressure this morning unless bank stocks can shake off yesterday's blues and stage a rally," CMC chief market analyst Ric Spooner told
Fairfax.
Helping sentiment was news that consumer confidence bounced sharply this month following the Federal budget. A WBC-MI index jumped 6.4% to 102.4, the first time the gauge has topped 100 since January.
China's Shanghai Composite rose 1.16%, Hong Kong's Hang Seng fell 0.46% and Japan's Nikkei gained 0.71%. Dow futures were recently down 12 points or less than 0.1%.
Crude oil futures bounced four cents this morning to US$57.30 a barrel. Spot gold was $2.50 firmer at US$1,209.20 an ounce. The dollar was buying 79.3 US cents.
It's turning into a reversal session. Interesting to see if the market goes on with it, or deflates again like yesterday. Trading: spectacular conditions just now. Only concern is whether I'm cashing in hard enough. Used the first retrace in CAV for an entry and did well out of that. Bungled a trade in CDD and exited for a loss. (Hmmm... made money on a share rising on good news. Lost money on a share falling on bad news... There's probably a lesson there if only I can figure it out. Giz would know.) Good volatility in resource stocks - took decent bounce profits in WSA, OSH and AWE from near the lows. Also took RVR - Delta has promised me a bikini bar when it rallies. Dunno how the bar will go up here in the mountains - bit cold for bikinis. Please consider HC posting guidelines when replying to this comment...
