Trading Day: steady?

The S&P/ASX 200 opened 30+ points sharply down, reacting to overnight markets (it was closed Monday) but then reversed and at midday is up nearly 9 points or 0.19% to 4573 points.

Asian markets are generally up, with the Nikkei up 0.16%, the Hang Seng steady and Singapore also barely up.

Other risk assets are mixed, with the AUD at 1.0625 against the USD, gold up slightly to $1519 USD an ounce after slipping yesterday. WTI crude is down, now at $97.23 USD per barrel.

Movers and Shakers
Its a mixed board, with banks up and resources generally down. CBA is the leader, up over 1% to just over $50, ANZ up 0.8%, with NAB and WBC having similar gains. BHP is down 0.6% to just under $43, and RIO is down 0.5% to just below $80 per share.

In other ASX200 stocks, Sundance (SDL) is up 4.3% whilst Fosters (FGL) is up just over 3% and gold stock Kingsgate (KCN) up nearly 3 per cent. The uranium stocks are getting slammed again, with Paladin (PDN) down nearly 6%, and ERA down almost 5 per cent. Transpacific (TPI) leads the losers with a 5.95% loss for the day, so far.

ASX200 remains at critical support level
The market is in its 6th 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.

ASX200 Daily Chart

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  1. the australian press has been very negative on the economy and shares in recent weeks. Generally an indication that the market is close to bottoming (near term) at least.