Daytrading October 11 afternoon

Thanks Oscar and morning crew.


Half-time round-up:

Energy stocks helped push the ASX 200 near 5500 for the first time in six weeks after crude oil marked a 15-month high on news that Russia will support OPEC efforts to cap production.  

At 1pm EST the ASX 200 was 15 points or 0.3% higher at 5490 after earlier reaching 5498, the index's highest level since late August. The energy sector led the rally with a rise of 2.4%, followed by metals & mining +1.4%. materials +1.1% and consumer staples +0.4%. Offsetting gains were declines in gold -1.7%, health -0.5% and telecoms -0.1%.

“The fact that Russia has shown willingness to cooperate with OPEC is a tailwind for oil prices going forward,” Toshihiko Matsuno, senior strategist at SMBC Friend Securities in Japan, told Bloomberg. “In the short term, it’s positive for oil and mining shares, and it’s also improved market sentiment.”

Overnight, US crude settled 3.1% higher at its strongest price since mid-July last year. This morning WRI futures retreated 10 cents or 0.19% to US$51.25 a barrel.

China's Shanghai Composite rose 0.23%, Hong Kong's Hang Seng 0.18% and Japan's Nikkei 1.14%. Dow futures were recently two points or 0.01% ahead.

Gold futures weakened 70 cents or 0.06% to US$1,259.70 an ounce. The dollar was buying 75.8 US cents.


5500 is providing significant resistance on the XJO. We've been noodling around just below for almost two weeks now. More up-days than down, and the trend is positive, so it looks like we'll grind through one of these days. Trading: placed a lot of orders this morning without getting filled. One of those days when you run yourself ragged in the penalty box (warning: soccer metaphor) shouting 'Pass! Pass!' and the ball never comes. Watching LTR, KDR, PDZ among others.