A good solid day on Asian markets, the S&P/ASX 200 Index finishing up 0.4% or 16 points to 4290 points, almost hitting the crucial 4300 point level earlier in the session, and slowly developing into a medium term trend:
Japan’s Nikkei 225 finsihed up 1% or 98 points to 9015, breaking through the 9000 point barrier and looking like completing a bullish inverse head and shoulders pattern:
The volatile Hang Seng was also up over 1% or 254 points to 20953, following the Shanghai Composite up over 2% or 55 points to 2347 points, retracing yesterday’s falls.
The AUD shot up again, staying above 1.08 against the USD, currently at 1.083 on the spot market, whilst WTI crude put on 0.7% and slightly above $99USD per barrel. Gold had a quiet day during the Asian session after last night’s volatility, up $4 to $1753USD an ounce.
Movers and Shakers
Green across the board according to the sectors, with IT and energy stocks leading the way, the only gloom and doomster being utility stocks, which just finished in the red.
Checking out the ASX8 (the top four banks and miners who collectively provided more than 90% of profit growth last year), it was a really mixed day for the banks.
ANZ was up over 1%, finally building a breakout above its 200 day moving average, whilst the big brother of banks, the Commonwealth (CBA) slipped almost 0.4%, sliding back to support at $50.
National Australia Bank (NAB) fell again, dicing with support at $23 per share looking more bearish on the charts:
Westpac (WBC) slipped down 0.4%, still below its 200 day moving average and also remaining in a neutral stance.
Quickly checking out Macquarie (MQG), the Millionaire Factory just above its crucial $25 per share resistance level, up over 3% and clearly breaking out of its bullish ascending triangle pattern:
Maybe the “back up the truck and fill your drawers” strategy has some merit?
To the holes, where BHP Billiton (BHP) reported today, profits down for the first half by 6%, the stock only slipped 0.4% and still technically in a short term uptrend, for now.
Its “twin” Rio Tinto (RIO), climbed over 1%, now above its 200 day moving average, in a sweet uptrend and probably gaining on anticipation of good results tomorrow.
Gold miner Newcrest Mining (NCM) was down again, losing some 0.5% and going sideways, whilst Fortescue (FMG) shot up over 3%, also above resistance and its long term moving average building on a strong trend following the iron ore price.
To finish out the ASX8, Woodside Petroleum (WPL) finished up 2.5% finally getting out of its sideway funk, clearling short term resistance zone around the $34 mark easily and probably on its way to the next resistance level at $37 per share.
The overnight futures for the ASX200 are up 10 points to around 4300 while other equity futures are up equally going into the European session with little in way of data releases to spook markets, except that whole Greek thing.