daytrading oct 3 afternoon

Thanks Endless.

Half-time round-up:

Australian shares have rallied for a second day despite a mixed morning on Asian markets and gloomy US futures after President Obama warned Wall Street to be concerned over the political deadlock in Washington.

At lunchtime the ASX 200 was 37 points or 0.7% higher at 5253 following a morning of broad gains. The metals & mining sector put on 1.3%, financials 0.9%, telecoms 0.7% and utilities 0.7%. Industrials was the only sector to retreat, falling 0.2% after index heavyweight LEI tumbled amid allegations of corrupt overseas dealings.

US futures declined after a meeting between President Obama and congressional leaders ended without any apparent progress on a deal to re-open the federal government and raise the debt ceiling. President Obama told Republican leaders he would not negotiate over the budget. Earlier, he used a TV interview to imply Wall Street was too complacent about the implications for money markets.

"This time's different. I think they should be concerned," Obama told CNBC. Read more here.

Dow futures were lately off 33 points or 0.2% but trading above their lowest point of the morning. Hong Kong's Hang Seng was up 0.85% and Japan's Nikkei down 0.12%. Shanghai remained closed for the Golden Week public holiday.

Crude oil futures pulled back 17 cents this morning to US$103.70 a barrel. Spot gold was $4.30 weaker at US$1,312 an ounce. The dollar was buying 93.89 US cents.



Interesting morning. Possible that US instos are hedging against likely weakness at home by buying overseas. Just speculation. Anyone got a better explanation for this morning's strength? Low-key session for me. Traded the opening bounce in LEI pretty well but ran out of ideas after that. Wanted CDY a pip lower on that first retrace, so missed the boat. That GCN press release made my morning. If China goes nuts for one of the lesser known Jacksons, just think of the opportunities for the Osmonds. Wayne and Merrill must be salivating. NB: ignore these last remarks if you're under 35 - nothing here you need to know.