The S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) has reversed some of its recent gains today, slipping 65 points or 1.3% to 5,120 points.
The local market has been on a tear recently, rising in nine of its last 11 sessions in a rally led mostly by the miners and the banks. However, those are the companies leading the market lower today after a volatile night for commodity markets.
Shares of BHP Billiton Limited (ASX: BHP), for instance, have fallen 2.2% and are trading at $17.35 a share. South32 Ltd (ASX: S32) has also fallen 3.2%, while Woodside Petroleum Limited (ASX: WPL) and Sundance Energy Australia Ltd (ASX: SEA) are down 2.2% and 16.7%, respectively.
The banks have run into a few hurdles as well, with Westpac Banking Corp (ASX: WBC), Commonwealth Bank of Australia (ASX: CBA) and National Australia Bank Ltd. (ASX: NAB) all shedding 1.8%. Australia and New Zealand Banking Group (ASX: ANZ) shares have also dipped 1.3%.
Whatever the reason for today's falls, investors should be encouraged by the recent gains and the lowered level of volatility in the markets compared to earlier in the year. The S&P/ASX 200 is still hovering well below its 2015 highs of nearly 6,000 points and investors should be on the lookout for great buying opportunities.
