Australian Stocks: What Happened Today?

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            [1] => ((SDL))
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            [3] => ((FXJ))
            [4] => ((QAN))
            [5] => ((ACR))
            [6] => ((MML))
            [7] => ((LNC))
            [8] => ((WTF))
            [9] => ((PDN))
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            [7] => LNC
            [8] => WTF
            [9] => PDN
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US reporting season is well underway with over 150 companies reporting this week alone, and as expected, we noted choppy trading sessions across the heavy weights in the US, which provided little guidance for our local market. Despite weakness in the US and European markets plus Crude oil falling over 2%, the S&P/ASX 200 actually managed a fairly resilient session, rising 16.8 points or 0.31% on just under $4 billion in turnover.

A fairly even session across the sectors with half rising with the other half falling, as we noted the Utilities and Real Estate Investment Trusts the key shining lights, rising 0.93% and 0.81% respectively. On the other end of the scale we saw some fairly average trading sessions with the Materials sector down 0.34% and the Energy sector falling 0.28%.

Looking over the charts

It is not unexpected that after a surge in price we get a consolidation in time and time and price are the two key factors that drive a market. With price moving so rapidly to the upside we may expect some consolidation unless cautious traders and investors decide to take profits, thereby pushing the price down in the short term. With ample areas of support below the current market we would look to see any weakness bought up by those who may have missed the first recent upswing in price action.

ASX top 200 stock analysis

7% of stocks are showing oversold levels, 42% are showing overbought levels and 67% of stocks are currently above their long term moving average as of close of trading today.

S&P/ASX 200 Gainers and Losers

Transfield Services managed a solid breakout above resistance at $1.40 to climb an impressive 5.00% on steady volume and will be one to watch going forward. Sundance Resources has had a turbulent 2 weeks of trading and today’s 4.55% gain is more of a consolidation compared to the large daily wins and losses of recent times.

Top 5 gainers:

• ((TSE))         TRANSFIELD SERVICES +5.00%
• ((SDL))         SUNDANCE RESOURCES +4.55%
• ((AIO))        ASCIANO +3.67%
• ((FXJ))         FAIRFAX MEDIA +3.64%
• ((QAN))      QANTAS AIRWAYS +3.61%

Acrux really fell out of the sky today, falling 11.82% on surging volume as it announced sales had been affected in a slowing market. Medusa Mining well and truly gave back all of yesterday’s strong gains with profit takers pushing the price down a disappointing 8.30% with an early gap down.

Top 5 Losers:

• ((ACR))        ACRUX -11.82%
• ((MML))     MEDUSA MINING -8.30%
• ((LNC))        LINC ENERGY -7.35%
• ((WTF))       WOTIF.COM HOLDINGS -5.78%
• ((PDN))       PALADIN ENERGY -4.49%