Trading Day

Advertisement

The S&P/ASX 200 finished flat again today, up only 7 points or 0.2% to 4194 points after a strange session where strong bids pushed the market up over 0.5% before the post-lunch session prompted a sell off going into the weekend. In after hours trading, the market has slipped whilst awaiting the Euro and US sessions, particularly the latter’s reaction to President Obama’s jobs plan.

Asian markets experienced mild losses, with the Nikkei 225 down 0.6% to 8737 points and the Hang Seng down 0.4% to 19840 points.

In other risk assets, the AUD was bid above 1.06 again, now at 1.0619, whilst WTI crude steadied to $89.05 USD per barrel.

Gold has been bid up again in the Asian session, up 1% to $1877 USD an ounce and is steady coming into the London session.

Advertisement

Movers and Shakers
Another mixed board on the ASX, although most sectors were up for the day, energy and healthcare taking some minor losses.

The banks were all positive, but very small gains, with ANZ and WBC up slightly, and CBA and NAB both up almost half a percent. Macquarie is still being sold off, down 0.9% to just below $23 per share. The regional and smaller banks fared better, Suncorp up 2.4% and Bank of Qld (BOQ) up 1.5%

BHP Billiton (BHP) slipped 0.6%, whilst RIO was steady.

Advertisement

The Charts
It’s been a frustrating “resolution” to the volatility over the last month with a stubborn sideway channel pattern between 4100 and 4300 points with no significant breakout either way. Notably, this action is similar to the indecision before the QE2-led action of the same time last year. But no milky wilkies yet.

Today’s action is the second day in a stalled rebound rally and reflects the doubts in the minds of those who bought at these “cheap” levels. Volume remains very weak and the medium term downtrend is still well in place.