We feel the ASX is facing some resistance at 4850 in the near term, which is where the highs from the last couple of weeks were. BHP, RIO and FMG are all down around 1.5% each. Gold miners are even worse off, with Newcrest dropping 6% and Medusa Mining plunging 9%.
Meanwhile, energy names are powering ahead after oil prices gained on renewed tension in Egypt. Woodside Petroleum has put on 1.4% and Santos has surged 1.9%. Healthcare names are also doing fairly well helped by USD strength, with the likes of CSL and Resmed pushing higher. Meanwhile, the banks are mixed with CBA and WBC gaining ground, while ANZ and NAB are weaker.