S&P/ASX 200 lifts 0.4%: Is now the time to buy local shares?

The S&P/ASX 200 (Index:^AXJO) (ASX:XJO) looks set to snap a three-day losing streak, courtesy of BHP Billiton Limited (ASX:BHP), Westfield Corp Ltd (ASX:WFD) and Newcrest Mining Limited (ASX:NCM).

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The Australian sharemarket looks set to snap a three-day losing streak today with the S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) paring back earlier losses to trade 0.4% higher this afternoon.

Following what was a six-day relief rally for the local market, the ASX 200 has fallen in each of its last three sessions with the rut looking set to continue earlier in the day, dragged down by the weight of the Big Four banks. However, although each of the banks remain in the red [with National Australia Bank Ltd. (ASX: NAB) leading the way down 0.3%], the nation's biggest miners are doing their best to buoy the ASX.

Indeed, BHP Billiton Limited (ASX: BHP) slipped below the $25 mark for the first time since January (adjusted for its demerger with South32 Ltd (ASX: S32)) this morning as some key commodities continued to slide in price overnight, but the stock has since managed to rise 1.1% to trade at $25.55.

At the same time, Fortescue Metals Group Limited (ASX: FMG) and Newcrest Mining Limited (ASX: NCM) have risen more than 4% each, while Rio Tinto Limited (ASX: RIO) is up a respectable 0.4% at $51.38.

The gains have by no means been restricted to the resources sector, however. Westfield Corp Ltd (ASX: WFD) is also up 4.1% at $9.83 per share, while Telstra Corporation Ltd (ASX: TLS) and Federation Centres Ltd (ASX: FDC) have also recorded respectable gains.

Despite today's lift, the Australian sharemarket has been somewhat volatile in recent weeks with investors remaining cautious to wade too deep into the market. Indeed, there is no way of knowing for certain whether the market will continue to rise, nor is it possible to predict the severity should it fall.

Regardless of what happens over the next week or month investors can be sure that there are a number of fantastic opportunities currently on offer for those who are brave enough to buy while the rest of the market is uncertain.

Motley Fool contributor Ryan Newman has no position in any stocks mentioned. You can follow Ryan on Twitter @ASXvalueinvest. 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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