Trading Day: 21st June

The S&P/ASX 200 jumped over 1% on the open from positive leads from US markets, but has stalled after midday, now at 4490 points, up 38 or 0.9%.

Asian markets are up, with the Nikkei up nearly 1 percent to 9436 points (just above its medium term support), the Hang Seng also up 0.47% and Singapore stronger at 0.7%.

Other risk assets are mixed, the AUD is just above 1.05 against the USD after some intra-day falls, gold steady at $1542 USD whilst WTI crude is steady at $93.45 USD per barrel.

Movers and Shakers
It’s green across the board with banks and resources stocks generally doing well. ANZ and CBA are up over 1%, whilst WBC is shooting ahead up 1.5%. NAB is lagging relatively and is only up 0.5%

BHP has rebounded and touched $42 but is now at $41.80 or up 1.1% with RIO experiencing similar gains, at $78.21 per share.

In other ASX200 stocks, Fosters (FGL) is up a stunning 13% after knocking back an all-cash bid offer by world leading brewer SABMiller. Platinum Australia (PLA) has rebounded from yesterdays falls and is up over 11%

Nickel stocks Minara (MRE) and Mincor (MCR) are up 3% and 6% respectively as nickel prices reversed in the last 24 hours, although the spot price is at a pre-QE2 low.

Nickel in the last 24 hours - from kitco.com

Daily Chart
The daily chart shows how the current price activity still remains at the low point of the Japanese/MENA lows of March. It seems 4500 points is now resistance (i.e the price above the market is not willing to pay) switching from support. This is evident in the closely watched 200 day moving average, which is now falling.

Daily candlestick chart of ASX200 - note how prices are failing to break through 4500 points

Latest posts by Chris Becker (see all)