The S&P/ASX 200 opened slightly down, reacting strangely to overnight markets which were all up 1 to 1.5%, and at mid-afternoon has lost just over 24 points or 0.5% to 4561 probably in response to Glenn Stevens inflation rhetoric about future rate rises.
Asian markets are mixed, with the Nikkei down 0.13%, the Hang Seng down 0.4% and Singapore steady.
Other risk assets are mixed, with the AUD at 1.0695 against the USD, gold up slightly to $1526 USD an ounce after slipping yesterday. WTI crude is dicing with $100 a barrel again, now at $99.26 USD per barrel.
Movers and Shakers
Its red across the board, with banks giving back yesterday’s gain – with one exception and resources generally down. CBA is down 0.4% to just over $50, ANZ down 0.6%, with WBC down a large 1.77% – but NAB is strangely up almost half a percent? Hmph. BHP is down 0.5% with RIO is down 0.3% to just below $80 per share.
In other ASX200 stocks, St Barbara (SBM) is up nearly 6% whilst ERA has bounced again, up nearly 4%. Platinum Australia (PLA) has sufferred a massive 10% loss for the day, whilst Gunns (GNS) is down similary, losing almost 7 per cent.
ASX200 remains at critical support level
The market is in its 7th consecutive “sideways” day, finding a possible bottom just above the Japanese earthquake lows just above 4500 points.
A break below this level could extend the correction, with the next target at 4200 points – the lows in the May flash crash of 2010. Only a breakout above 4620-4650 points in the coming week or two would confirm a rebound in stocks.
Frustrating time for traders and investors alike!