Most Asian markets fell today on poor leads from their Atlantic cousins, as markets await another Sarkozy/Merkel conference tonight.
The S&P/ASX 200 Index had a mixed day, falling on the open, blipping up on the retail trade data release, before finishing flat, down 3 points to 4105 points.
On the daily charts, the local bourse is still in an intermediate trending range from the October 2011 low, with the green support line being tested, a break below being bearish for the market (target:3800-3900 points):
Japan’s Nikkei 225 was worse off, down over 1% or 98 points to 8390 points today, the volatile Hang Seng was down almost 1% to 18422 points and the Shanghai Composite surprises, up nearly 2% or 39 points to be just over 2200.
The AUD slipped on the retail trade data during the Asian session and is currently trading at 1.0209 against the USD, whilst WTI crude fell another 0.5% to $101.04 USD a barrel.
Gold is still looking weak, at $1610USD an ounce, refusing to go above its resistance and 200 day moving average level on the daily charts:
Movers and Shakers
It was a mixed day across the sectors, half up, half down, with the biggest losers health care down 0.5%, biggest winners, telecomms up over 1%
The big four banks were mixed, generally sloshing across their mainly sideways chart patterns, with ANZ up 0.44%, Commonwealth (CBA) flat and again refusing to go above strong resistance at $50 per share, National Australia Bank (NAB) also finished flat and Westpac (WBC) was likewise flat, actually down 3 cents, and just below support at $20 per share:
Macquarie (MQG) was sold off harshly, falling almost 2%, possibly on continued speculation that brokerage and deal making in 2012 is likely to be weak? Healthcare favourite Cochlear (COH) continued its selloff, down 0.6% to be just below $60 a share, its “twin” CSL also slipped to be below $32 per share, dicing with support and its medium term uptrend from the September 2011 lows.
Well I was too cautious with Telstra (TLS), my warning it was getting set up for a blowoff was wrong, as it rose over 1% today, but I still contend a break below the upper fan is bearish:
To the resources, where “valuations” remain low: BHP Billiton (BHP) was flat again continuining to grind out a bearish descending triangle pattern with support at $34 a share, its “twin” Rio Tinto (RIO) down 0.6% and still below its short term trendline, heading for support at $59 to $60 a share.
Gold miner Newcrest Mining (NCM) was the standout again, up over 2%, possibly rebounding off a bottom at $30 per share whilst the commodity itself remains in a holding pattern. Fortescue (FMG) was up 0.5% still tracking sideways after failing to rally pre-Xmas, and to finish out the ASX8, Woodside Petroleum (WPL) finished flat again, also going nowhere.
Finishing up with the defensive stocks Wesfarmers (WES) and Woolworths (WOW) were, you guessed it – flat! WOW remains on trend, whilst WES remains in an holding bullish pattern. Nothing to see here just yet.
UK industrial production is the only large data release tonight, with European and US stocks futures down slightly across the board following Asian markets, whilst SPI futures have fallen below the 4100 point level.