daytrading oct 17 afternoon

Thanks Gttrain. Agree with you that there was some good stuff in the after-market lounge last night.

Half-time round-up:

Australian shares hit their highest level since last July as US futures shrugged off weak after-market tech earnings after Spain kept its credit rating.

At lunchtime the ASX 200 was ahead 32 points or 0.7% at 4523 and on track for a second day of gains and a new 14-month closing high. All sectors except the defensive utilities and property trusts were trading higher, led by gold +1.4%, metals % mining +1.4% and industrials +1.3%.

Commentators said the market breathed a sigh of relief after Spain kept its investment-grade credit rating from Moody's this morning and German politicians hinted overnight that the door was open for Spain to access the euro-zone rescue fund.

"The market thinks that Spain is going to ask for a formal bailout so that has given it slightly more confidence," RBS Morgans private client adviser Bill Bishop told Fairfax.

US futures turned positive despite falls among tech bellwether stocks IBM and Intel in after-market trade when they delivered third-quarter earnings reports this morning. Dow futures were recently up 19 points or 0.1%. Shares in Intel dropped 3.27% this morning. IBM fell 3.41%.

Asian markets rallied but Shanghai again trailled gains elsewhere in the region. Shanghai edged up 0.19%, Hong Kong's Hang Seng 0.85% and Japan's Nikkei 1.29%.

Crude oil futures rallied 34 cents this morning to US$92.42 a barrel. Spot gold was $2.70 firmer at US$1,752 an ounce. The dollar was buying $US1.0318.


My warnings about IBM and Intel counted for little this morning because world markets are clearly in "risk on" mode in anticipation that the inevitable Spanish bailout is coming soon. Oil, gold, Asian equities and the Aussie dollar have all advanced this morning. A little of the shine came off our market when Shanghai opened meekly, but otherwise all is looking very good. I've done very well over the last week buying the second or third days of pullbacks. Wins this morning in SGQ and SYR. Still in another that's a little too illiquid to name here. Happy days.