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(Note - the odd phrase at the end is not a typo)
Now it's time to reverse that short-term long bias change; in the short term it will suffice to short intraday %RMA overbought for scalps (5-6 SPI points; 2-3 S&P points), with no underlying position; an underlying short will probably be declared late tonight during the US session once the S&P makes a CCI divergence (and you just know it's gonna).
It's a pity that the long call was not made with more conviction - and therefore given more room to go bananas - but frankly it's far better to take a 100% gain on a small position initially, than to hang out the shingle and hope the move sticks.
Anyhow - this rally is now over.
Major Market Indices
The broad market - the All Ordinaries (XAO) - surged a whopping 185.3 points (3.25%), finishing at 5882.3 points. The index hit an intraday high of 5882.9 at the close; the 'data' low for the day was 5697 - set at the open - but the low once all stocks were open was 5775 points.
Total volume traded on the ASX was 1.27 billion units, 20% below its 10-day average. The ASX's daily listing of all stocks included 1388 different 3-letter FPO's which traded (i.e., had non-zero trade volume). Of these, 718 issues rose, with volume in rising issues totalling 872.4 million units. Conversely (or even contrariwise), 380 stocks were dragged below the gain line, with aggregate volume traded of 250.8 million shares.
Of the 478 All Ordinaries components, 322 rose while 85 fell. Volume was tilted in favour of the gainers by a margin of 7.4:1, with 649.24 million shares traded in gainers while 87.58 million shares traded in the day's losers.
The Index that forms the cash basis for the SFE's Share Price Index Futures - the S&P/ASX 200 (XJO) - hurtled skyward to the tune of 192.6 points (3.41%), closing out the session at 5842.9 points. Have a clickety on the Index Names below to examine the intraday behaviour of the other key indices... I'll have the same tool for other indices, plus currencies and commodities, in USRants from now on.
| Name | Close | +/-(%) |
|---|---|---|
| All Ordinaries | 5882.30 | 185.30 (3.3%) |
| ASX 50 | 5692.60 | 191.10 (3.5%) |
| ASX 200 | 5842.90 | 192.60 (3.4%) |
| ASX 300 | 5845.80 | 190.00 (3.4%) |
| ASX Mid-Cap 50 | 5989.00 | 173.30 (3.0%) |
| ASX Small Ordinaries | 3392.60 | 100.20 (3.0%) |
| ASX 20 | 3240.50 | 114.30 (3.7%) |
| ASX 100 | 4737.30 | 155.60 (3.4%) |
The "heavy hitters" of the Australian market - the ASX 20 Leaders (XTL) - had a bit of a moonshot, stacking on 114.3 points (3.66%), closing out the session at 3240.5 points.
Among the 20 big guns, it was all Schmiles und Sunschine, with every index component contributing to a Green Screen of Joy. The 21 stocks which make up the index traded a total of 155.51 million units; all to the upside. The major percentage gainers within the index were
- Macquarie Group Limited (MQG), +$4.13 (6.35%) to $69.13 on volume of 2.4 million shares;
- Wesfarmers Limited (WES), +$1.95 (5.52%) to $37.25 on volume of 2.3 million shares;
- Qbe Insurance Group Limited (QBE), +$1.45 (5.22%) to $29.25 on volume of 2.9 million shares;
- BHP Billiton Limited (BHP), +$1.88 (5.07%) to $38.93 on volume of 16.1 million shares; and
- CSL Limited (CSL), +$1.67 (4.89%) to $35.83 on volume of 1.4 million shares.
At the other end of the market-cap spectrum lie the denizens of the ASX Small Ordinaries (XSO) - the place where non-mania excess returns lie. The small end of the market slightly underperformed its large-cap counterpart. The Small Ords had a bit of a moonshot, stacking on 100.2 points (3.04%), closing out the session at 3392.6 points.
Among the stocks that make up the Small Caps index, 147 index components finished to the upside, and of the rest, 33 closed lower for the session.
The 192 stocks which make up the index traded a total of 257.32 million units: volume in the 147 gainers totalling 194.48 million shares, with trade totalling 49.32 million units in the index's 33 declining components. The major percentage gainers within the index were- Perilya Limited (PEM), +$0.22 (13.41%) to $1.86 on volume of 2.4 million shares;
- Gindalbie Metals Ltd (GBG), +$0.09 (11.97%) to $0.80 on volume of 1.9 million shares;
- Western Areas NL (WSA), +$0.49 (11.01%) to $4.94 on volume of 1.2 million shares;
- Minara Resources Limited (MRE), +$0.50 (10.14%) to $5.43 on volume of 2.8 million shares; and
- Resolute Mining Limited (RSG), +$0.21 (9.77%) to $2.36 on volume of 943.1 thousand shares.
In the red-zone of the little-stock index, the following list represents the biggest downers (in terms of percentage decline):
- Sylvania Resources Limited (SLV), -$0.16 (5.57%) to $2.71 on volume of 174 thousand shares;
- Flexigroup Limited (FXL), -$0.08 (5%) to $1.43 on volume of 151.2 thousand shares;
- Progen Industries (PGL), -$0.1 (4.88%) to $1.95 on volume of 281 thousand shares;
- AWB Limited (AWB), -$0.09 (4.15%) to $2.08 on volume of 5.1 million shares; and
- TAP OIL Limited (TAP), -$0.06 (3.24%) to $1.65 on volume of 171.9 thousand shares.
Index Changes
| Code | Name | Close | +/- | % | Volume |
|---|---|---|---|---|---|
| XAO | All Ordinaries | 5882.3 | 185.3 | 3.25 | 1418.2m |
| XFL | ASX 50 | 5692.6 | 191.1 | 3.47 | 519.3m |
| XJO | ASX 200 | 5842.9 | 192.6 | 3.41 | 1176.1m |
| XKO | ASX 300 | 5845.8 | 190 | 3.36 | 1300.6m |
| XMD | ASX Mid-Cap 50 | 5989 | 173.3 | 2.98 | 350.1m |
| XSO | ASX Small Ordinaries | 3392.6 | 100.2 | 3.04 | 431.3m |
| XTL | ASX 20 | 3240.5 | 114.3 | 3.66 | 272.4m |
| XTO | ASX 100 | 4737.3 | 155.6 | 3.4 | 869.4m |
Market Breadth
| ASX20 | XTO | XJO | XAO | XSO | Market | |
|---|---|---|---|---|---|---|
| Advances | 21 | 90 | 91 | 321 | 147 | 718 |
| Declines | 0 | 6 | 6 | 85 | 33 | 380 |
| Advancing Volume | 155.5m | 427.6m | 429.3m | 644.8m | 194.5m | 872.4 million |
| Declining Volume | 0m | 20.8m | 20.8m | 87.6m | 49.3m | 250.8 million |
GICS Industry Indices
Among the 11 industry indices, it was green across the board, as every sector managed to keep its head above water.
The best performing index was Information Technology (XIJ), which added 20.7 points (4.5%) to 481.2 points. The 2 stocks which make up the index traded a total of 1.89 million units -
- Iress Market Technology Limited (IRE), +$0.47 (7.51%) to $6.73 on volume of 612.6 thousand shares; and
- Computershare Limited (CPU), +$0.32 (4.04%) to $8.24 on volume of 1.3 million shares.
Second in the index leadership stakes was Materials (XMJ), which gained 515.2 points (3.68%) to 14497.5 points. The 42 stocks which make up the index traded a total of 138.44 million units; 40 index components rose, with rising volume amounting to 127.54 million shares, while the 2 decliners had volume traded totalling 10.9 million units. The major percentage gainers within the index were
- Perilya Limited (PEM), +$0.22 (13.41%) to $1.86 on volume of 2.4 million shares;
- Western Areas NL (WSA), +$0.49 (11.01%) to $4.94 on volume of 1.2 million shares;
- Minara Resources Limited (MRE), +$0.50 (10.14%) to $5.43 on volume of 2.8 million shares;
- Murchison Metals Ltd (MMX), +$0.31 (8.59%) to $3.92 on volume of 3.1 million shares; and
- Aquarius Platinum Limited (AQP), +$0.99 (7.69%) to $13.86 on volume of 171.5 thousand shares.
The bronze medal for today goes to Industrials (XNJ), which climbed 208.2 points (3.56%) to 6053.4 points. The 30 stocks which make up the index traded a total of 86.48 million units; 26 index components rose, with rising volume amounting to 61.03 million shares, while the 2 decliners had volume traded totalling 19.91 million units. The major percentage gainers within the index were
- Transpacific Industries (TPI), +$0.60 (8.14%) to $7.97 on volume of 670.2 thousand shares;
- Transfield Services Limited (TSE), +$0.87 (7.83%) to $11.98 on volume of 1.9 million shares;
- PMP Limited (PMP), +$0.12 (7.32%) to $1.76 on volume of 764.6 thousand shares;
- Australian Infrastructure Fund (AIX), +$0.20 (7.3%) to $2.94 on volume of 1.1 million shares; and
- Alesco Corporation Limited (ALS), +$0.58 (6.17%) to $9.98 on volume of 430.7 thousand shares.
As mentioned above, there were no declining sectors today - so we can move on down to the Asian market stuff now.
Sector Indices
| Code | GICS Sector | Close | +/- | % | Volume |
|---|---|---|---|---|---|
| XIJ | Information Technology | 481.2 | 20.7 | 4.5 | 2m |
| XMJ | Materials | 14497.5 | 515.2 | 3.68 | 138m |
| XNJ | Industrials | 6053.4 | 208.2 | 3.56 | 86m |
| XPJ | Property Trusts | 1880.9 | 63.7 | 3.51 | 147m |
| XEJ | Energy | 14114.3 | 477.7 | 3.5 | 37m |
| XXJ | ASX200 Financials ex Property Trusts | 6462.7 | 218 | 3.49 | 81m |
| XSJ | Consumer Staples | 8063.6 | 267.3 | 3.43 | 26m |
| XHJ | Healthcare | 9433.8 | 308.5 | 3.38 | 12m |
| XUJ | Utilities | 6008.3 | 177.9 | 3.05 | 41m |
| XDJ | Consumer Discretionary | 2432.4 | 56.8 | 2.39 | 37m |
| XTJ | Telecommunications | 1555.8 | 27.5 | 1.8 | 58m |
All Ordinaries Major Movers
All Ords Volume Leaders
| Code | Name | Close | +/- | % | Volume |
|---|---|---|---|---|---|
| TLS | Telstra Corporation Limited. | 4.42 | 0.08 | 1.84 | 34.2m |
| CNP | Centro Properties Group | 0.66 | 0.00 | 0 | 22.4m |
| TLSCA | Telstra (Installment Receipts) | 2.85 | 0.06 | 2.15 | 21.2m |
| EHL | Emeco Holdings Ltd | 0.78 | -0.02 | -2.52 | 19m |
| MCW | Macquarie Countrywide Trust | 1.56 | 0.07 | 4.7 | 18.1m |
All Ords Percentage Gainers
| Code | Name | Close | +/- | % | Volume |
|---|---|---|---|---|---|
| MBP | Metabolic Pharmaceuticals Limited | 0.04 | 0.01 | 25 | 1.4m |
| VPG | Valad Property Group | 1.23 | 0.17 | 16.11 | 11.8m |
| KAR | Karoon Gas Australia Limited | 2.49 | 0.34 | 15.81 | 133.9k |
| MLX | Metals X Limited | 0.30 | 0.04 | 15.38 | 1.3m |
| AMU | Amadeus Energy Limited | 0.62 | 0.08 | 14.81 | 209.7k |
All Ords Percentage Losers
| Code | Name | Close | +/- | % | Volume |
|---|---|---|---|---|---|
| LFE | Life Therapeutics Limited | 0.21 | -0.04 | -14.58 | 2.5k |
| SDM | Sedgman Limited | 2.00 | -0.20 | -9.09 | 81.4k |
| BGD | Boulder Steel Limited | 0.23 | -0.02 | -8 | 11.7k |
| MFI | Mariner Financial Limited | 0.27 | -0.02 | -6.9 | 198.6k |
| POH | Phosphagenics Limited | 0.21 | -0.02 | -6.82 | 104.7k |
