The S&P/ASX 200 fell over 20 points on the open, reaching the low experience in late June, before rebounding and is now steady just after midday to 4475 points.
Other Asian markets are up, with the Nikkei 225 up 0.39% at 9974 points, and the Hang Seng up 0.54% at 21,993 points.
Other risk assets are mixed, with the AUD down slightly at 1.0611 against the USD, whilst gold steadies at $1593 USD an ounce. WTI crude is down slightly now at $97.11 USD per barrel.
Movers and Shakers
It’s mixed across the board, and mixed within sectors. Amongst the banks ANZ and CBA are losers, down 0.1% and 0.14%, but NAB and WBC are 0.17% and 0.68% respectively.
BHP fell in early trade but has since rebounded, now up barely 0.1% It’s twin RIO is also up 0.61%. Other winners include COH and CSL – up 1.9% and 1.45% respectively, probably on the back of the weaker dollar.
The big winners amongst ASX200 stocks include Sundance (SDL) up 18%, and Gunns (GNS) up 4%
The biggest losers include News Corp (NWS) down another 6%, and other media stocks, including Consolidated Media (CMJ) down 3.3%
The daily chart shows this correction is back down to critical support at 4450 points, before the small rebound this morning. Direction is slowing down though. This is a bottom pickers market for long-only investors, but remember only monkeys pick real bottoms – this could be like catching a falling knife. However, the more often the market bounces off this support line, the stronger it becomes psychologically.