Here’s why these 4 ASX shares are getting smashed today

Following the lead from overseas the S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) is flying higher today. It has so far climbed an impressive 1.8% to 5,391 points.

Despite the strong gains today, some shares have been defying the market trend and heading lower. Here are four shares heading lower today:

Newcrest Mining Limited (ASX: NCM) shares have declined by around 4.5% to $19.15 following a drop in gold futures to US$1,228 per troy ounce. With Citigroup predicting that the price of gold could drop to US$1,000, further declines could potentially be on the way for shareholders of this gold miner.

Despite recent declines, Newcrest Mining’s share price is still up by 47% in 2016.

Saracen Mineral Holdings Limited (ASX: SAR) shareholders will be disappointed to see its share price drop by around 9% today to $1.16. Although it is classed as a mineral exploration and development company, its focus is primarily on gold. So just like Newcrest Mining and Resolute Mining Limited (ASX: RSG), it is likely to see its share price drop if the gold price continues to decline.

Saracen Minerals has been on a tear this year with an 88% return for shareholders.

Shine Corporate Ltd (ASX: SHJ) shares have dropped around 4% to $1.22 today despite no news being released to market. With the share price of the embattled law firm up by around 80% in the last three months, today’s decline could be attributed to profit taking. I believe both Shine Corporate and Slater & Gordon Limited (ASX: SGH) are liable to wild swings in their share prices at the moment, which make them high-risk investments.

Despite the strong gains in the last three months, Shine Corporate’s share price is still down 38% this year.

Sirtex Medical Limited (ASX: SRX) has seen its share price sink 2.5% to $30.10. Shareholders of this cancer treatment company have suffered a disappointing 2016, but if it can deliver on its earnings expectations I believe the share price could retrace a lot of its declines. According to CommSec, analysts are expecting earnings to grow by a massive 45% per annum for the next couple of years. This could make the latest drop an opportunity to buy in at a good price, in my opinion.

Sirtex shares are now down by 25% so far in 2016.

If you've suffered declines today then I believe adding one of these three blue chip shares to your portfolio could be a great way of getting it going again. I expect all of them to produce strong returns for shareholders in the year ahead.

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Motley Fool contributor James Mickleboro has no position in any stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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