Australian Stocks: What Happened Today?

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ASX Top Gainers & Losers plus Market Snapshot – 29 January 2014

Risk is back on, Ben Bernanke to conclude the FOMC meeting at 6am Thursday morning and the world’s largest capitalised company, Apple, falls 7.99% in overnight trading.

What are traders talking about today? 

• S&P/ASX200 gained 53.9 points or +1.04% on volume of $4.2 billion, closing at 5229.
• Apple shares lost 7.99% after disappointing iPhone sales drove the price lower.
• President Obama’s inaugural State of the Union address suggesting it is time to get to work.
• The Turkish central bank raised interest rates by 425 basis points to lift the lending rate to 12 percent.
• Spot Gold was down $6.61 to $1250.49 an ounce.
• Brent Crude Oil was up US$0.71 to $107.40 per barrel.

Economic news

• FOMC policy meeting at 6am Sydney time Thursday the 30^th with Ben Bernanke’s final meeting.
• Bank of England’s Governor Carney speaks Wednesday the 29^th UK time.
• The Australian Bureau of Statistics indicated that the December cost of living rose by 1.3%.
• The Westpac Melbourne Institute leading index of economic activity was down slightly in December, coming in at 1.06 per cent from 1.12 per cent in November.

Australian sector watch

Looking over the charts

• After an initial fast move upwards, our market consolidated for over 3 hours but the bulls will be happy to know that buying momentum continued into the afternoon.
• The S&P/ASX200 cash price did close right on its highs but the futures came off a little towards the close as per the chart below.
• On a long term basis we need to watch the 100 day moving average as it may create a short term ceiling and at this stage it is certainly levelling off.
• Given our market continues to hit lower highs and lower lows it becomes increasingly more difficult to surpass each level of upper resistance. Given this situation there is going to have to be quite a bit of positive news to break through to higher longer term levels or at best we’ll likely see consolidation between 5000 and 5400.

ASX top 200 stock analysis

45% of stocks are showing oversold levels, 9% are showing overbought levels and 46% of stocks are currently above their long term moving average as of close of trading today. View the image below to better understand overbought and oversold levels.

S&P/ASX 200 Gainers and Losers

Top 5 gainers:

• AGO      ATLAS IRON +9.95%
• TEN        TEN NETWORK HOLDINGS +8.96%
• DLS         DRILLSEARCH ENERGY +6.29%
• EWC       ENERGY WORLD CORPORATION +5.56%
• SXY         SENEX ENERGY +5.26%

Top 5 Losers:

• FGE        FORGE GROUP -8.89%
• JBH         JB HI-FI -4.90%
• SLR         SILVER LAKE RESOURCES -3.25%
• RSG        RESOLUTE MINING -2.78%
• GFF        GOODMAN FIELDER -1.52%