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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Comments

  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.