The Australian sharemarket is poised for another day in the black today after it roared back to life yesterday afternoon, closing 0.1 per cent higher for the day.
The S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) fell as much as 1.6 per cent around lunchtime on Wednesday but soon recovered on speculation of government intervention to stabilise China's plunging stock market, together with strength in Wall Street futures.
The Dow Jones certainly didn't disappoint, climbing 1.82 per cent for the session while the NASDAQ surged 2.46 per cent in a rally led by technology giants such as Apple and Google.
Meanwhile, iron ore and oil prices both rose overnight which could provide a level of support for the resources sector.
BHP Billiton Limited (ASX: BHP) and Woodside Petroleum Limited (ASX: WPL) were amongst the companies hit hardest during yesterday's session, so investors in the sector will be hoping for some reprieve today.
With the ASX 200 hovering around the 5100 point mark, now could be an excellent time to start picking up some high-quality companies trading at reasonable prices.
