The ASX200 is showing very encouraging signs of a recovery following its September retracement, last week saw a surge by a number of leading resources stocks (excluding iron ore names) while the Real Estate and IT Sectors also enjoyed a strong week. While we continue to see a rotation between sectors moving in & out of favour the standout is the slow and steady absence of sellers even when the buying moves elsewhere which by definition is creating an updraft for the ASX.
MM remains bullish Australian equities targeting the 7700-7800 area by the ASX200 into Christmas
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