Australian Stocks: What Happened Today?

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Gold falls over two per cent, late market jitters across the US markets with European bourses seeing profit taking stepping in, paved the way for a fairly uneventful trading session in Australia.

What are traders talking about today?

•    S&P/ASX200 lost 10.3 points or -0.19% on volume of $3.9 billion, closing at 5336.6.
•    Biotech stocks in the US were hit heavily overnight, falling for two straight days, after recently hitting record new highs.
•    Gold was unable to gain ground over Monday and Tuesday, falling two per cent to hit a low of $1.307.7 before finding extremely minor intraday support, to rally to $1,315 as I type this.
•    Brent Crude Oil continues to try and bounce off recent support and a triple bottom, but seems unable to push higher, failing at the $107 per barrel level several times.
•    Iron Ore futures are rising off recent lows with some talk about potential Chinese stimulus having an influence on these figures.
•    TPG Telecom (TPM:ASX) shares jumped over 10 per cent after the Telco & IT company reported strong first half earnings and upgraded the guidance for the year.
•    Copper prices continue to bounce around three and a half year lows but appear to be finding support and climbing steadily.
•    Search for the Malaysian airlines flight MH370 has been confirmed to have gone down over the Indian Ocean with authorities ceasing their search efforts, suggesting there were no survivors.
•    The Aussie Dollar managed to break above the 91 cent handle but the daily shooting star candlestick formation is an ominous sign that the uptrend may be stalling. Traders will be looking for a confirmed break above the 0.9150 for confirmation of a potential continuation pattern emerging.

Economic news

•    All eyes will be on Britain, releasing their CPI data Tuesday night at 8:30pm Sydney time.

Looking over the charts

•    Two very interesting days with volatility easing somewhat as the Aussie 200 index has tracked sideways, seemingly unable to push above the 5340 level.
•    On an intraday basis our market saw a 30 point drop on open, following a late selloff in US markets on Monday, but the S&P/ASX200 managed to gain ground for the rest of the day, finding support of the 5310 lows, to close at 5337.3.
•    As mentioned yesterday, resistance continues to sit around the 5345-5365 level, with a final near term resistance point sitting at 5377.5.

ASX top 200 stock analysis

36% of stocks are showing oversold levels, 11% are showing overbought levels and 50% 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:
•    PMV    PREMIER INVESTMENTS +11.18%
•    TPM    TPG TELECOM +7.29%
•    IIN    IINET +5.28%
•    DJS    DAVID JONES +2.59%
•    ALL    ARISTOCRAT LEISURE +2.50%
Top 5 Losers:
•    BDR    BEADELL RESOURCES -11.76%
•    MML    MEDUSA MINING -8.52%
•    RSG    RESOLUTE MINING -7.94%
•    MYR    MYER HOLDINGS -5.37%
•    NCM    NEWCREST MINING -5.00%