Australian Investment Blog

Market Data What Mattered Today As expected ahead of the US Memorial Day holiday, the local market was extremely quiet today, closing 2 points higher at 5408 and only trading within a very tight 24 point range. Volumes were also low, as the ASX200 hovered around the 5400 area, looking for a catalyst to drive it out of the recent holding pattern. As was outlined in this morning's report June, and especially the first few weeks, are normally soft for local stocks so this week should prove interesting. ASX200 Intraday Chart The gold sector was the standout for all the wrong reasons as it got whacked, following the precious metal in Asia which fell ~1% to test the $US1200/oz area. Newcrest closed down 1.5% and Northern Start (NST) 5.8%. Regis Resources (RRL) fell into our initial buy level today, hitting $2.81, and we allocated 5% of our portfolio to the stock ~$2.83. We intend to average if weakness continues towards $2.50, but also a quick spike back over $3 may force us to take a quick 6-7% profit - watch for trading alerts. Regis Resources (RRL) Weekly Chart Stocks & Sectors Today Source; Bloomberg ASX 200 Movers **Note US share markets are closed for Memorial Day