Australian Stocks: What Happened Today?

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            [2] => ((DJS))
            [3] => ((DOW))
            [4] => ((TSE))
            [5] => ((PRU))
            [6] => ((GUD))
            [7] => ((WTF))
            [8] => ((SLR))
            [9] => ((AQG))
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            [7] => WTF
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            [9] => AQG
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ASX Top Gainers & Losers plus Market Snapshot – 04 November 2013

Choppy leads from the US and European bourses provided a tentative start to the week and when you throw into the mix a downbeat commodities session, you have a recipe for potential further downside. The S&P/ASX 200 gave back early gains and made it 3 consecutive down sessions with today’s 20.6 point fall or 0.38% on below average volume.

Westpac reported its annual profit today which was up 8% and on par with market expectations. In addition to a handful a companies reporting we had the retail spending results coming in above average showing a rise of 0.8% over the preceding month with the market expecting a 0.3-0.5% rise. Inflation also came in and edged 0.1% higher with ANZ Jobs coming in lower by 0.1% in October.

Sectors provided little in terms of positivity with a full red screen and not one sector able to close in the black. The worst performers were both Health Care and Consumer Staples, each falling 0.92% and unable to claw back early losses. The Materials index was the best performer in terms of smallest losses, managing to pull back a very small 0.01% for the day and the Information Technology sector fell 0.26% in a lacklustre session.

Looking over the charts

Early momentum to the upside was thwarted after several hours of consolidation in a narrow 20 point range with the activity late in the session pushing the market steadily lower and unable to hold above the 5400 mark. Whilst a close below 5400 doesn’t signify anything terminal, it can be noted as somewhat of a telling sign of what the market could be expecting over the next couple of days. With support next in line 40 points lower at 5350, we can expect that for the market to continue this strong short term uptrend, which these levels will need to hold going forward. Many participants will be looking for any sign of strength combined with a higher low as a potential turn around to go long again.

ASX top 200 stock analysis

30% of stocks are showing oversold levels, 16% are showing overbought levels and 63% of stocks are currently above their long term moving average as of close of trading today.

S&P/ASX 200 Gainers and Losers

Atlas Iron ((AGO)) has recently formed a solid base and with the market hitting higher lows is seemingly poised for better things and today’s 5.42% gain places the stock right on the verge of a short term breakout and will be one to keep a close eye on. Mount Gibson ((MGX)) made a fresh 9 month high after a small breakout off the back of today’s 4.60% rise with volume coming in a little higher than average.

Top 5 gainers:

AGO ATLAS IRON +5.42%
MGX MOUNT GIBSON IRON +4.60%
((DJS)) DAVID JONES +4.48%
((DOW)) DOWNER EDI +3.86%
((TSE)) TRANSFIELD SERVICES +3.40%

Perseus Mining ((PRU)) has been extremely troubled over the last 12 months and today’s 7.23% is almost a nail in the coffin as it has well and truly tested the patience of those long the stock after breaking any type of support at and above the $0.40 level. G.U.D. Holdings ((GUD)) has well and truly maintained recent momentum but unfortunately that has been to the downside with tod’ays 7.04% drop leaving the price depressed by 17.4% over the last 3 days alone.

Top 5 Losers:

PRU PERSEUS MINING -7.23%
GUD G.U.D. HOLDINGS -7.04%
((WTF)) WOTIF.COM HOLDINGS -6.11%
((SLR)) SILVER LAKE RESOURCES -5.48%
((AQG)) ALACER GOLD CORP -5.30%