##{"id":61065,"date":"2012-12-13T16:19:01","date_gmt":"2012-12-13T05:19:01","guid":{"rendered":"http:\/\/www.fnarena.com\/index.php\/2012\/12\/13\/australian-stocks-what-happened-today-14\/"},"modified":"2012-12-13T16:19:01","modified_gmt":"2012-12-13T05:19:01","slug":"australian-stocks-what-happened-today-14","status":"publish","type":"post","link":"https:\/\/staging.fnarena.com\/index.php\/2012\/12\/13\/australian-stocks-what-happened-today-14\/","title":{"rendered":"Australian Stocks: What Happened Today?"},"content":{"rendered":"

\n\tBy Max Ludowici<\/span>, Equities & Derivatives Advisor, 708 Capital<\/p>\n

\n\t <\/p>\n

\n\tThe scoreboard:<\/p>\n

\n\t– The ASX200<\/span> closed lineball<\/span> with its opening and yesterday’s close to finish down.4 of 1 point or 0.02% to 4583<\/p>\n

\n\t– The AUD held gains to climb higher over the session, currently reading 1.055vs the USD<\/p>\n

\n\t– Total volume were strong at over $4.2B<\/p>\n

\n\tThe Australian sharemarket<\/span> see-sawed between small gains and losses mirroring Wall Street’s session as investors globally digested the US Fed’s latest policy meeting from the overnight session. The Fed’s decision to scrap “operation twist” with outright bond purchasing was neither here-nor-there, the main surprise was the announcement that interest rates will be kept at 0 until unemployment falls below 6.5%. The Aussie market had little direction all day with no significant domestic data being released.<\/p>\n

\n\tGiven the Fed news was lineball<\/span> with what the market was expecting I suspect all eyes will be on a Fiscal cliff resolution, pronto. Whilst it is fairly well assumed that any big cliff fallout will be avoided, US domiciled traders holding capital gains may decide to liquidate positions before being slugged with additional taxes from Jan ‘13, particularly given the DOW’s almost 7% retracement<\/span> in under a month enticing them to lock in recent gains. A quick look at the chart of DOW shows stiff resistance and a classic head and shoulders in the making at the 13,270 level. The market has hit and failed to break through the 13,270-ish<\/span> level no less than 6 times this year. This also comes as Chairman Bernanke reminded markets last night of the real risks still remaining with regard to the fiscal cliff, commenting that the full ramifications are “too big” to be avoided.<\/p>\n

\n\tThe defensives continued their listless slide south\/south east with the big 4 going no where, National Bank ((NAB)) closed down 0.2%, ANZ<\/span> Bank ((ANZ<\/span>)) finished where it opened. Telstra sustained slide continued with the telco<\/span> closing down 0.5%. Wesfarmers<\/span> ((WES)) and Woolworths ((WOW)) both dropped close to1<\/span>%.<\/p>\n

\n\tBHP<\/span> Billiton<\/span> ((BHP<\/span>)) continued to climb higher thanks to an upgrade to overweight from marketweight<\/span> by Macquarie Bank. BHP<\/span> closed up 0.7% to $36.00. Rio Tinto ((RIO)) pushed higher to close up another 0.9% to$62.75.<\/p>\n

\n\tDOW futures are pointing to a positive opening, currently up 24 points
\n\t <\/p>\n

\n\t(For a more comprehensive summary of last night’s market action see FNArena’s<\/span><\/a> Overnight Report.)<\/p>\n

\n\tThis article produced at the request of and is published by FNArena<\/span> with the expressed permission of 708 Capital.<\/em><\/em><\/p>\n

\n\t708 Capital is a full service stockbroking<\/span> and investment advisory firm. 708 offers investment and market advice to high-net-worth Private and Institutional clients in Australia and across the globe. 708's extensive network of contacts gives its clients exclusive access to ground-level fundraising opportunities and new company listings in a variety of small and large cap ASX<\/span> listed companies. 708 has a longstanding track record of generating exceptional returns for its clients. Click here 708capital.com.au\/contact-us\/<\/a> <\/a>for a no costconsultation<\/span> and portfolioreview<\/span> or to learn more visit www.708capital.com.au<\/a>. Note: 708 Capital offers wealth management services for Sophisticated and Wholesale Investors only. We can only assist investors who are classified as Sophisticated Investors or have verified assets over AUD$2.5m.<\/em><\/em><\/p>\n

\n\t708capital<\/span> is a holder of AFSL<\/span>. No. 386279<\/em><\/p>\n

\n\t $\"\"$ <\/em><\/p>\n

\n\tIMPORTANT DISCLAIMER – THIS MAY AFFECT YOUR LEGAL RIGHTS:<\/em><\/p>\n

\n\tThis document is intended to provide general securities advice only, and has been prepared without taking account of your objectives, financial situation or needs and therefore before acting on advice contained in this document you should consider its appropriateness having regard to your objectives, financial situation and needs. We recommend you obtain financial, legal and taxation advice before making any financial investment decision.<\/em><\/p>\n

\n\tDisclosure of Interests: 708capital<\/span> receives commission from dealing in securities and its authorised<\/span> representatives, or introducers of business, may directly share in this commission. 708capital<\/span> and its associates may hold shares in the companies recommended.<\/em><\/p>\n

\n\tFind out why FNArena<\/span> subscribers like the service so much: "Your Feedback (Thank You)<\/a>" – Warning this story contains unashamedly positive feedback on the service provided.<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"