By Chris Becker
Risk markets set aside any worry about IMF GDP growth downgrades, and bid bid bid. The ASX200 closed up a solid 0.5% or over 23 points to 4505 – I’ll take a closer look at the bottom of the post including technical analysis of the bourse.
The Nikkei 225 slid down again but all the action was in China – the Hang Seng up 1% and the Shanghai Composite powering ahead by nearly 2% currently. Aussie bond yields were stable but the Aussie battler (AUD/USD) still has a lot of strength left and rallied today off its support levels. The Euro/USD slipped and the US Dollar (DXY Index) gained slightly whilst the undollar currency gold (USD) is still shaking off heavy resistance overhead at $1800USD per ounce level, and remains in a tight trading range:
Australian Stocks
The permabulls are prancing around with glee today, and this time it was energies turn to shine – up 1.3% on the back of Woodside (WPL) mainly, although it remains one of the more depressed sectors:
As for the bourse itself, heres the daily chart – the market is on trend from its late June lows, although a retracement to support at 4400 in the next couple of weeks would be healthy:
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Chris Becker is an investment strategist at Macro Investor, Australia’s leading independent investment newsletter covering stocks, trades, property and fixed interest. A free 21-day trial is available at the site.
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