The S&P/ASX 200 opened slightly lower and has remained steady throughout the trading day and is right on 4600 points just after midday after weak leads from Europe and the US overnight.
Other Asian markets are also mixed, with the Nikkei 225 up 0.15% at 9988 points, and the Hang Seng down 0.4% at 22,656 points.
Other risk assets are up, with the AUD at 1.0728 against the USD, whilst gold shoots higher to $1513 USD an ounce. WTI crude is up 0.5% at $97.37 USD per barrel.
Movers and Shakers
It’s mixed across the board. The miners are posting gains whilst the four major banks are all down between 0.73 and 1% providing a drag on the market. BHP is up nearly 0.6%, at $44.48 and RIO steady at $83.31
In other ASX200 stocks, Murchison Metals (MMX) is up nearly 13% on bottom picking, whilst Bluescope (BSL) is also up 5% on a rebound trade alongside Onesteel (OST) also up nearly 5%.
The losers include Nexus (NXS) down 4%, Australand Property (ALZ) down over 3% and TEN down just under 3%.
Daily Chart
The daily chart shows continued significant resistance at or about 4600 points since the channel breakout. So far, this is a very weak rally as we head along into a very strong data week with the all important US employment figures this week. All major companies and sectors are experiencing weak rebound rallies with no standouts.
Daily chart of ASX200 - click to enlarge