The S&P/ASX 200 closed down 3.7% or 156 points down today to 4038. In after hours trading, the market has slumped another 20 points whilst awaiting the Euro and US sessions, both of which are down 2-4%.
Asian markets experienced similar losses, with the Nikkei 225 down 2.3% to 8535 points, now below its earthquake low and the Hang Seng losing almost 4% to 19090 points.
In other risk assets, the AUD was abandoned to close at just above 1.03, whilst WTI crude lost over 2% to $85.23 USD per barrel.
Gold slipped during the Asian session and is being sold off coming into the London session, now at $1836 USD an ounce. The US dollar Index is up 0.5% as risk is switched “off” across trading screens around the world…
Movers and Shakers
A bath of blood across the board on the ASX, with all sectors deep in the red, led by healthcare, which was led by sorry Cochlear (COH) down 20.5% for the day on a product recall.
The banks were all clobbered, with ANZ down 3.6%, CBA and NAB down 4%, and WBC the biggest loser down 4.6%
Macquarie was also sold off, down 4% to just above $22 per share – nearly a GFC low.
BHP Billiton (BHP) took down most of the index, down 3.8%, whilst RIO was hit heavier, down 4.3%
Only one stock in the entire ASX200 was bid up today – St Barbara Mines (SBM) up 0.43%.
The Charts
I said on Friday that a “stubborn sideway channel pattern between 4100 and 4300 points with no significant breakout either way” had formed.
Well, here’s your breakout.
Target is 3800 points. If it breaks that – and could do so easily given the ructions on worldwide markets, the next target is 3100 points as shown on the 3 year weekly chart below:
