Australian Stocks: What Happened Today?

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ASX Top Gainers & Losers plus Market Snapshot – 10 April 2014

Another surprise unemployment figure with 18,100 new jobs added, Aussie Dollar rockets on the news touching 94 cents and the Aussie 200 Index continues building momentum to the upside.

What are traders talking about today? 

• S&P/ASX200 gained 17 points or +0.31% on volume of $3.7 billion, closing ­­at 5480.8.

• Ten Network Holdings (TEN:ASX) reported their 1^st half results, notifying the market with a $7.98 million loss in the 1^st half with revenues reportedly up 7.8 per cent to $331.6 million.
• Gold has now broken above the $1,310 mark, hitting $1,315 as I type, which is good news for the bulls as the $1,310 level was minor resistance. With that out of the way we’ll be keen to watch the $1,325 level for the next line of resistance.
• The Nikkei has been unable to hold on to Wednesday’s gain with all of the 150 point gain given back on Thursday and then a little more, with the market currently sitting at 14,277.
• The Aussie Dollar has significantly strengthened off the back of unexpectedly positive employment numbers, rallying over the 94 cent handle, to sit at 0.9411 as I type.
• The British pound versus US dollar (GBP:AUD) has continued to strengthen over the last 2 weeks, hitting 1.68 highs intraday and has pulled back modestly to sit at 1.6787 now.
• Despite the US markets enjoying a nice two day run, it is worth noting that the Nasdaq index rallied 70.91 points overnight or 1.72% but is hitting its 3^rd consecutive lower low and lower high, indicating a recent change in trend. Usually at these levels a consolidation occurs before any significant downtrend, but definitely keep a watchful eye on these toppy markets.

Economic news

• The Australian Bureau of Statistics (ABS) reported the unemployment figures today, highlighting an upbeat 18,100 new jobs were added in March versus an expectation for only 5,000, which is a massive beat to the upside.
• The Unemployment rate now sits at 5.8 per cent versus the previous 6.1 per cent with many now suggesting that this is the best rate we’ll achieve.
• The UK will be providing their official bank rate data tonight around 10pm AEST time.

Australian sector watch

Looking over the charts

• After quite a strong overnight performances across the European and US indices, the Aussie 200 index jumped up nearly 50 points on open, only to pull back some 25 points before the market close.
• On the cash futures we note some selling following the intraday highs with an inside day but the cash price is simply showing some distributive selling and a near shooting star. Both of these are signs of indecision and a reluctance to push ahead at these current levels.
• There is still a small bearish divergence developing as the market hits a new high but the stochastic indicator continues to hit a slightly lower high. This is something we’ll keep an eye on but not place too much emphasis at this stage. The reason being is that it is only a very small bearish divergence pattern emerging.
• Support is currently sitting at 5465-5450 and so if we have any further selling pressure, we’d like to keep a close eye on those immediate levels.

ASX top 200 stock analysis

12% of stocks are showing oversold levels, 40% are showing overbought levels and 63% 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:

• WTF       WOTIF.COM HOLDINGS +6.64%
• RRL         REGIS RESOURCES +6.43%
• TPM       TPG TELECOM +5.19%
• LYC         LYNAS CORPORATION +5.13%
• SIR          SIRIUS RESOURCES NL +4.92%

Top 5 Losers:

• MGX      MOUNT GIBSON IRON -6.25%
• MYR       MYER HOLDINGS -4.18%
• ACR        ACRUX -3.61%
• GEM      G8 EDUCATION -3.02%
• OFX        OZFOREX GROUP -2.58%