Australian Stocks: What Happened Today?

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            [1] => ((RSG))
            [2] => ((MML))
            [3] => ((OGC))
            [4] => ((NCM))
            [5] => ((LNC))
            [6] => ((ASL))
            [7] => ((MFG))
            [8] => ((SXY))
            [9] => ((SIR))
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            [2] => MML
            [3] => OGC
            [4] => NCM
            [5] => LNC
            [6] => ASL
            [7] => MFG
            [8] => SXY
            [9] => SIR
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)

30 September 2013 ASX Market Summary – Invast Financial Services

Possible US Government shutdown weighed heavily on investors’ minds today with immediate selling pressure being felt across the S&P/ASX 200 as low volume pushed the index down a quick fire 60 points before the selling become less dramatic, to close the day down 88.2 points or 1.69% on light volume of $3.5 billion.

Chinese PMI from HSBC came in with a reading of 50.2 from the previous months reading of 50.1 so a slight improvement. TD Securities posted their monthly inflation figures showing a rise of 0.2 to leave the yearly figure sitting at 2.1 percent.

Complete red screens for all sectors today with all down at least 0.99% with Utilities hitting that market and suffering the least. Telecommunications fell the second least but still posted a 1.04% loss on the day. The Energy and Real Estate Investment Trusts were completely lost for direction as they fell 2.35% and 2.14% respectively.

Looking over the charts

Three full days of solid gains were wiped out in one trading session as the market had a strong bearish candle, closing on the lows and barely hanging on to support at the 5215 mark, which should come into play over the next few days. Macro economic data is starting to play out but we did note that we’ll need to keep our eye on the bearish divergence pattern emerging, which seems to have come to the forefront as the bears do their best to push the market lower. A good cleansing like this is a positive thing in the midst of a strong bull run so we’ll continue to favour the upside, once the dust has settled from the immediate short term weakness.

ASX top 200 stock analysis

21% of stocks are showing oversold levels, 25% are showing overbought levels and 61% of stocks are currently above their long term moving average as of close of trading today.

S&P/ASX 200 Gainers and Losers

Beadell Resources ((BDR)) was one of the few shining lights and even then they didn’t set the world on fire, with a steady 3.37% gain as the stock price approaches and attempts to close above resistance at $0.92. Resolute Mining ((RSG)) had come off a fairly large pullback and finally found support at the $0.63 mark and today managed to push forward a small 2.38% and hopefully can continue to hold these levels.

Top 5 gainers:

BEADELL RESOURCES +3.37%
RESOLUTE MINING +2.38%
MEDUSA MINING ((MML)) +2.29%
OCEANAGOLD CORPORATION ((OGC)) +2.15%
NEWCREST MINING ((NCM)) +2.01%

Linc Energy ((LNC)) had a handy spike up on Thursday but has spent the last 2 days giving those gains back with today losing ground by 7.94% on triple the average volume and an urgent need to hold on to support at $1.40. Ausdrill ((ASL)) gapped down 5.44% this morning on open and closed the day at the same level with the negative sentiment weighing heavily on the stock.

Top 5 Losers:

LINC ENERGY -7.94%
AUSDRILL -5.44%
MAGELLAN FINANCIAL GROUP ((MFG)) -5.16%
SENEX ENERGY ((SXY)) -5.16%
SIRIUS RESOURCES NL ((SIR)) -5.10%