Australian Stocks: What Happened Today?

Array
(
    [0] => Array
        (
        )

    [1] => Array
        (
        )

)

US Unemployment has a massive shocker yet global markets continue to push forward whilst precious metals remain steady with the Emerging Markets crisis continue to raise its head among analysts.

What are traders talking about today?

•    S&P/ASX200 gained 55.6 points or +1.08% on volume of $3.8 billion, closing at 5222.1.
•    US Unemployment figures shocked to the downside but was largely brushed off by investors who pushed the US indices higher with Gold also pushing forward.
•    Copper has enjoyed a solid three day rally but is sitting right on resistance at 3.30 and will be tough to break through.
•    Gold is enjoying a slow grind higher and has the $1,280 per ounce figure to break through before any long term upside is considered a firm possibility.
Economic news
•    US Unemployment figures came out hitting 113,000 new jobs versus the forecast 180,000, missing the expectation by one of the largest amounts in recent times.
•    Toyota has announced that they are going to pull out of making cars in Australia by 2017, costing thousands of jobs.
•    The Fed’s Yellen will be speaking later this week and everyone will be carefully listening for talks of further taper and what that will look like going forward.

Looking over the charts

•    Markets continued their strong upward swing breaking above, and more importantly, closing above the 5200 level.
•    Intraday our market went like clockwork, jumping up initially, following strong US markets and then after profit takers stepped in we saw the S&P/ASX200 push higher for the remainder of the afternoon to close right on its highs. Again, this is another very positive signal.
•    Interestingly over the weekend we ran some analysis to note that 81% of the top 50 stocks were either hitting equal or higher lows, which is an extremely positive sign.
•    As we push higher, the market will start to become overbought so we’ll cautiously watch overhead resistance for any potential weakness.

ASX top 200 stock analysis

13% of stocks are showing oversold levels, 21% 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:
•    SLR    SILVER LAKE RESOURCES +8.1301
•    RSG    RESOLUTE MINING +8.9286
•    FGE    FORGE GROUP +11.5854
•    EVN    EVOLUTION MINING +12.766
•    PRU    PERSEUS MINING +13.75
Top 5 Losers:
•    LNC    LINC ENERGY -11.9469
•    TEN    TEN NETWORK HOLDINGS -4.2253
•    LYC    LYNAS CORPORATION -3.6364
•    JBH    JB HI-FI -2.9968
•    SXY    SENEX ENERGY -2.1898