The Chinese flash PMI numbers are out in just under 20 minutes and they should provide a check on the current state of the Chinese slowdown. The Asx 200 is running ahead of the number, rising 27 to 4281. Resources are recovering from early weakness helped along by signs that the AUD is softening while financials are leading the charge. Bank margins have improved with lower cost of funding recently and that may be filtering through to the majors along with the general seasonal lift ahead of reporting and dividends. NAB is up 23 at 2433 but the gain is tentative with the stock in a range over the last 5 trading days; I'd like to see a push through 2450.
My other longs are flat, except for LNC which has crept up 3 to 134.
I'm buying SGP at 320. The weekly chart implies a resumption after a three wave pullback with support more or less holding.
The daily has a breakout through last week's high of 317.
1.44 No so flash....at first glance anyway. The Aussie market is holding on to 16 points of gains though. The Aussie dollar is lower, however, which is nice.
4.12 The market did pretty well to stabilise and hang on to 19 points of the gains. NAB didn't break through 2450 but closed pretty well at 2439 with the 60 minute chart looking reasonably positive.
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