Rebounding from overnight leads the S&P/ASX 200 Index gained 14 points or 0.3% to 4195 points, still below 4200.
Other Asian markets had much better days, with Japan’s Nikkei 225 up 1.7% to 9394, well above resistance at 9000 points and building on its breakout whilst the volatile Hang Seng is currently up nearly 1% to 21464 clawing back yesterdays losses with the Shanghai Composite up just 2 points to 2359 points, still dicing with the upper level of its long term downtrend channel.
The AUD gained almost 1 cent today, but has come back slightly to be at 1.077, with the US Dollar Index breaking stable at 79.5 points.
WTI crude put on some small gains to be at $102.56USD per barrel whilst gold had a solid day for once, gaining nearly $7 to $1734USD an ounce, whilst in AUD terms the shiny metal currently at $1608AUD an ounce.
Movers and Shakers
A generally green board, with all sectors gaming except the materials sector, barely down 0.1%, with the biggest winners discretionary retail and utility stocks.
Checking out the ASX8 (the top four banks and miners who collectively provided more than 90% of profit growth last year), ANZ finished up 1.6% on its good quarterly result, but still remaining in a trading range on the weekly charts, with a bearish bias, whilst the big brother of banks, the Commonwealth (CBA) slipped again, down 0.3% remaining below its resistance level of $50 per share.
National Australia Bank (NAB) went the other way, up 0.4%, whilst Westpac (WBC) lost the same amount and looking like heading back to support at $20 a share, breaking its January uptrend.
Quickly checking out Macquarie (MQG), the Millionaire Factory finished down 0.5% for the day, still below its long term moving average and looking weaker in the short term. Buy the dip?
To the holes, where BHP Billiton (BHP) finished in the red again, but only barely, down 0.2% – dragging on the market – and seems stuck in a trading range with a potential bottom at $34 a share. Without a big rise in the Big Australian don’t count on the broader market moving anytime yet.
Its “twin” Rio Tinto (RIO), also continued its correction, down 1%, following iron ore and possibly heading back to support at $59 a share.
Gold miner Newcrest Mining (NCM) finished down 0.5% and looks like breaking its short term trend, and to finish out the ASX8, Woodside Petroleum (WPL) was actually up, but barely and still failing to gain traction and get above its long term downtrend.
The overnight futures for the ASX200 have slipped around 17 points to 4175 while other equity futures are mixed, with Europe up and US down, with significant data in the form of US CPI and UK retail sales to go on, whilst waiting further Greek ructions.
Apologies for no charts – haven’t migrated this to my new computer as yet and I’m posting on the fly here. Should be back on Monday AOK.
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