By Chris Becker
A mixed to bullish day on Asian equity markets, with the ASX200 helping the permabulls to a new round of drinks, beating the October high closing in on 4600 points. Check out a full roundup by sector including some the top 8 stocks and some technical analysis below.
The Nikkei 225 had a so-so day as the Yen strengthened slightly:
While the Shanghai Comp gave back some gains, other Chinese equity markets are up slightly following iron ore and other metals. The Aussie dollar slipped a little today, not really being the risk proxy, but then again risk markets aren’t exactly firing off.
The US Dollar Index and Gold (USD) changed places today, the former slowly rolling over and heading for the 80 point barrier again, while the shiny metal is trying to build momentum coming into the FOMC Meeting:
Australian Stocks
My preferred sectors – health and IT – were off a bit today, it was all utilities and materials that lifted the bourse, with BHP-Billiton (BHP) the key contender:
The market itself – thanks to the overbought financials and accelerating materials stocks (remember the top 4 banks and top 4 miners comprise most of the index, and its earnings) – has now breached the previous high:
Are we going to see 4900-5000 points in 2013? Anything is possible. There’s a couple obstacles in the way though….
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. 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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