The ASX200 looks set to open up around 45-points this morning challenging the 7000 area in the process, if we follow the US Index it should be another “risk on” session with Energy & Consumer Discretionary stocks leading the way:
- MM migrated down the risk curve in late July by trimming a few high Beta holdings, in the process tweaking the cash position of our Flagship Growth Portfolio up to 7%, we may reduce one more position but we’re likely to be pedantic on price.
- Simply, we believe the markets reached that junction where it’s a touch 50-50, technically a break of 6750 will look bearish whereas a strong close above 7000 will look constructive – what’s next on the macro front is the expected driver.
MM is now neutral the ASX200
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