I’m beginning to repeat myself, but the local market, the S&P/ASX200 index has rejected the 4300 point level again, finishing flat at 4277 points:
In fact I don’t even need to upload a different chart – but I will tomorrow when I cover the ASX200 and other global markets in my weekly “Trading Week“.
On to other Asian markets, where the flatness continued, with Japan’s Nikkei 225 finishing just 6 points to to 10,129 points, whilst the volatile Hang Seng is off only 0.1% to 21326 points. The Shanghai Composite is actually up more than 1%, to 2400 points, slowly regaining the mid-week losses..
The AUD was also flat, consolidating during the Asian session and currently at 1.054 against the USD, which had a small rise today. (Disclosure: I’m still short AUD for a short term trade that may become a larger position)
Gold, is replicating other risk action in the Asian session, barely moving to $1661USD per ounce and up slightly at $1576 per ounce (because of the lower AUD). Note, I’m also short (in USD) the shiny metal, in my short term trading system (with only a small amount of equity at risk due to the overwhelming bullish bias)
The ASX8
Regular readers will know I follow the ASX8 (the top four banks and miners) on a daily basis, as they are effectively a big proxy for the entire market – the Houses and Holes. Add Telstra (TLS) and you’ve pretty much covered the major stars (or dogs, depending on your point of view) of the market, as the ASX8 is basically the ASX50 – which follows the ASX200 extremely closely.
Today, the movements were spread out amongst the ASX8 constituents – some banks up, some down, BHP down 0.6% and Woodside (WPL) off by 0.5%.
The Futures
The futures are looking mixed going into the European session. US and Euro markets are pointing to flat to slightly higher opens, whilst the local market has lost just a couple points. The market-moving data to watch tonight is US centric again, with CPI (inflation) figures to one to watch.
Let’s see what happens in Trading Week tomorrow morning.
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