Another uneventful day on the local Aussie market, which jumped on the open, before settling down and finishing flat for the day, down 4 points to 4262 points after breaking the 4300 point barrier on Friday for the first time since early December. This chart is from yesterday, but the difference is minimimal, the concept the same: a refusal to exceed the 4300 “speed limit”:
On to other Asian markets which did a whole lot better, with Japan’s Nikkei 225 up nearly 1% to 9712 points, still building on its breakout with the volatile Hang Seng currently up 1.25% to 21483 points and the Shanghai Composite up only 4 points and still above its breakout from its long term downtrend channel.
The AUD stayed above 1.07 against the USD, and is currently trading at 1.078, trying to breakout of a trading range, as the commodity/risk/speculating proxy continues to track other risk markets (except the local bourse it seems):
Gold, put on about $5USD during the Asian session, currently at $1773USD per ounce or $1643AUD per ounce
Movers and Shakers
A mixed bag across the board with the health care sector outperforming, and energy stocks providing the drag to the flat market.
Moving on, let’s quickly check out the ASX8 (the top four banks and miners) and yes, there are more lawns to mow:
ANZ lost another 1% and was actually the worst performing building society for the day, with the big brother of banks, the Commonwealth (CBA) losing another 0.5%, continuing to flounder around like a flippy floppy fish:
National Australia Bank (NAB) was down nearly 1%, continuing to go sideways and looking weak medium term whilst Westpac (WBC) was the best, finishing down only slightly and remaining in a sideways funk.
Not much joy in the banking sector – and looking at the broker’s forecasts, not much profit growth expected over the next quarter or so, but at least one part of the economy is still FIREing along….
To the holes, where BHP Billiton (BHP) after going ex-dividend yesterday, slipped again and remains 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), was actually up nearly half a percent but also remains in a trading range after trying to break free of its bearish downward bias, with resistance at $70 per share and support at $59 a share.
Gold miner Newcrest Mining (NCM) continues to sell off as the bad news around the Lihir project lingers, but only lost around 0.6% today osing another 3% and now below its uptrend from the Xmas low:
To finish out the ASX8, Woodside Petroleum (WPL) also lost a similar amount, after going a bit bubblish last week, probably going to retrace a bit as the breakout in energies (WTI and Brent crude, which I cover in Market Morning) comes off the boil a bit.
The futures are looking a bit mixed with most steady going into the open in Europe, but the Dow Jones could open above the important 13000 point barrier. The data tonight overseas is US-centric with Durable Goods and Case-Shiller house price index results likely to shake things up a bit. Shake and bake.
Let’s see what happens in Market Morning tomorrow.
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