Australian Stocks: What Happened Today?

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            [0] => ((FKP))
            [1] => ((DOW))
            [2] => ((MMS))
            [3] => ((IRE))
            [4] => ((SVW))
            [5] => ((MML))
            [6] => ((SBM))
            [7] => ((OGC))
            [8] => ((IAG))
            [9] => ((EVN))
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            [5] => MML
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            [7] => OGC
            [8] => IAG
            [9] => EVN
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)

List StockArray ( [0] => DOW [1] => MMS [2] => IRE [3] => MML [4] => SBM [5] => IAG [6] => EVN )

By Ashley Jessen

5 September 2013 ASX Market Summary – Invast Financial Services

Positive US markets were well and truly counteracted with a negative bias across the commodity market with Gold, Silver and Crude Oil pulling back up to 0.92%, which, after an brief 10 point rally, left the S&P/ASX 200 pulling back over 50 points from the high and finishing the day down 20.1 points or 0.38% to close at 5145.5 on volume of $3.8 billion.

The trade balance for the month of July was released from The Australian Bureau of Statistics (ABS) indicating a trade deficit of $765 million with analysts expecting a trade surplus of $100 million, which rattled investors.

With only 3 sectors managing to stay in the black there were slim pickings for best performers, however the Industrials and Health Care sectors shone brightly, rising 0.46% and.41% respectively. Unfortunately the majority of our sectors were down with Consumer Staples falling 0.75% and Telecommunications struggling and down 0.61%.

Looking over the charts

Yesterday's pull back was strengthened today as the market fell away early in the piece and continued pushing lower until some sense came back into the market to start buying it up just before midday. After a short sharp rally of 20 points the market almost perfectly maintained a narrow 5 point range for 3 straight hours but was unable to close above the 5150 mark. Short term momentum is pushing to the downside whilst medium term the trend is still well and truly up and the current pull back is well and truly within the 'healthy' range.

ASX top 200 overbought, oversold and trending levels

16% of stocks are showing oversold levels, 35% are showing overbought levels and 56% of stocks are currently above their long term moving average as of close of trading today.

S&P/ASX 200 Gainers and Losers

FKP Property ((FKP)) managed a brilliant turnaround with nervous investors watching the price decline 19% over the last month but today's 6.53% increase should calm some of those nerves. Downer EDI ((DOW)) has been setting up nicely for an ascending triangle breakout with yesterday's double top unable to contain traders pushing the price up a better than average 4.65%.

Top 5 gainers:

• FKP PROPERTY GROUP +6.53%
• DOWNER EDI +4.65%
• MCMILLAN SHAKESPEARE ((MMS)) +4.03%
• IRESS ((IRE)) +3.82%
• SEVEN GROUP HOLDINGS ((SVW)) +3.68%

Medusa Mining ((MML)) was unable to hold recent support at $2.60 and will hope that the $2.40 level can provide a springboard to higher ground with today’s 7.46% fall sitting rather close to critical support. St Barbara ((SBM)) also broke below minor support with a glimmer of hope if the price can remain above $0.70 but today’s 6.62% fall will leave the short term longs a little desperate.

Top 5 Losers:

• MEDUSA MINING -7.46%
• ST BARBARA -6.62%
• OCEANAGOLD CORPORATION ((OGC)) -5.99%
• INSURANCE AUSTRALIA GROUP ((IAG)) -5.30%
• EVOLUTION MINING ((EVN)) -4.86%

 

Reprinted with permission of the publisher. Content included in this article is not by association the view of FNArena (see our disclaimer).