ASX Shares Daily – November 30th

By Chris Becker

Asian stocks surged today following eventually good leads from US markets overnight with the ASX200 breaking the 4500 barrier, up 0.6% or nearly 30 points – check out below for a full roundup below.

The Nikkei 225 recovered recent losses and is following the Yen – more or less – although the latter was technically overbought, its still moving up, probably on news that the new likely PM wants – demands even! 2% plus inflation:

The Chinese markets are coming back slowly after the Shanghai Comp broke below its psychologically important 2000 point barrier, and has yet to recover.

The Aussie dollar is having a small breather again – as I mentioned to Deus Forex Machina this morning “its gettin’ squished ain’t it” in one of our daily technical discussions:

Meanwhile the US Dollar is still a bit weak, with the Euro trying to break free and get going on a Xmas rally:

Which leaves Gold (USD) which is acted all weird on the US fiscal cliff dilemma:


Australian Stocks

The table above shows broad gains across most sectors, except staples – although it wasn’t a defensive rotation because utilities were the best sector for the day. Financials and materials pushed the index up – the Houses and Holes of the index, with RIO launching up nearly 3% but still below resistance – is this pre-empting a recovery on Chinese markets?

As for market itself, having bounced off the closely watched 200 day moving average, its now moved into the “trap zone” between the April 2011 high at 4440 points and the KC Signal . If US markets keep heading up and the US dollar remains weak, we should see a re-visiting of the KC Signal high just below 4600 points:


This free daily update should be read alongside Live Trades articles, published every morning at Macro Investor, and placed in context with the longer trends and macro drivers within the overall technical picture,  where Former “Trading Week” readers will find it reborn as “Technicals“, published 8.30am each Monday morning at Macro Investor. 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. You can follow Chris on Twitter.

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