No change towards the local index as it looks for direction around the 7000 area following its +9.3% bounce since its mid-June low. Our preferred scenario is we see another test on the downside before another exciting “Christmas Rally” but it’s not a view that MM would position ourselves aggressively in anticipation of, but while the seasonal roadmap remains in play we should be conscious of it.
- MM is neutral Australian equities short-term, another topping pattern as we saw through late May wouldn’t surprise.
MM remains neutral the ASX200 after our upside target has been achieved
Add To Hit List
After a quiet night on Wall Street the local markets set to open little changed this Friday morning although oil stocks are likely to struggle.
