Australian Stocks: What Happened Today?

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            [0] => ((SMX))
            [1] => ((AGO))
            [2] => ((BKN))
            [3] => ((AQG))
            [4] => ((MMS))
            [5] => ((SDL))
            [6] => ((QAN))
            [7] => ((DXS))
            [8] => ((FGE))
            [9] => ((DOW))
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            [0] => SMX
            [1] => AGO
            [2] => BKN
            [3] => AQG
            [4] => MMS
            [5] => SDL
            [6] => QAN
            [7] => DXS
            [8] => FGE
            [9] => DOW
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)

List StockArray ( [0] => SMX [1] => MMS [2] => QAN [3] => DXS [4] => DOW )

By Ashley Jessen

ASX Top Gainers & Losers plus Market Snapshot – 22 October 2013

Markets provided plenty of contrast overnight with Crude Oil dipping below the $100 per barrel mark for the first time since July, weak numbers across the leading US indices and the DAX hitting new record intraday high levels, ahead of tonight’s adjusted date to deliver the September Non-farm payroll figures. None of that seemed to phase the local index, with our bench mark S&P/ASX 200 climbing steadily throughout the day to post a respectable 21.3 point gain or 0.40% on volume of $3.9 billion.

Consensus for the September non-farm payroll figure is expected to show an additional 180,000 jobs created and in addition to that close to 150 companies will be providing their profit results over the next 4 days.

Information Technology stocks well and truly outperformed with the sector up a resounding 2.06% and sitting right on the potential breakout level, which is also doubling as a triple top. The Materials sector was the only other sector to well and truly outperform, thanks largely to BHP’s results, rising 1.27% as a whole. Only 3 sectors were unable to provide a positive spring to their steps with the Energy and Consumer Discretionary sectors pulling back 0.34% and 0.16% respectively.

Looking over the charts

During these trending phases of the market our oscillator’s, like the stochastics indicator shown in the chart below, tend to always show overbought signals, but it is important to note that when trending, oscillators tend not to give the most accurate overbought and oversold levels. Such is the case at the moment that range bound strategies will likely be getting stopped out of the market consistently whereas the trend based trading strategies, using indicators such as moving averages, will be performing much better. Our market appears to be making another one of those sneaky breakouts that we’ll need to keep an eye on as many leading stocks are pushing higher but coming up to form potential lower highs.

ASX top 200 stock analysis

6% of stocks are showing oversold levels, 60% are showing overbought levels and 68% of stocks are currently above their long term moving average as of close of trading today. Extreme signals are starting to show with the S&P500 showing 80% of stocks are currently overbought, which is the highest level I have recorded in over a year of keeping these numbers. Similar levels are being noticed on the NASDAQ 100 stocks as well with more than 84% of stocks in this index above their long term moving average.

S&P/ASX 200 Gainers and Losers

SMS Management & Technology ((SMX)) had a massive outside day where the price opened below the previous day’s low and rocketed well above the previous day’s high, closing the day up a brilliant 6.42% on triple the average volume. Atlas Iron ((AGO)) is building up nicely for a short term ascending triangle with the breakout point between the $1.05-$1.10 level and today’s 6.06% rise on higher than average volume has it positioned perfectly for a breakout over the next couple of days.

Top 5 gainers:

• SMX       SMS MANAGEMENT & TECHNOLOGY +6.42%
• AGO      ATLAS IRON +6.06%
• ((BKN))       BRADKEN +5.74%
• ((AQG))      ALACER GOLD CORP +4.55%
• ((MMS))     MCMILLAN SHAKESPEARE +4.49%

Sundance Resources ((SDL)) gave back nearly all of yesterday’s outstanding gains with today’s dark cloud cover formation where the price gapped up and closed below the midpoint of the previous day’s candle, losing a massive 15.38% in the process on 122 million shares changing hands. Qantas Airways ((QAN)) share price has really taken a nosedive over the last 3 days with the 3.33% loss today compounding to a 13% loss over those 3 short days.

Top 5 Losers:

• SDL         SUNDANCE RESOURCES -15.38%
• QAN      QANTAS AIRWAYS -3.33%
• ((DXS))        DEXUS PROPERTY GROUP -3.23%
• ((FGE))        FORGE GROUP -3.17%
• ((DOW))     DOWNER EDI -2.91%

 

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