Our preferred scenario has been that the ASX200 will begrudgingly pullback towards the 6900 area through September providing some excellent buying opportunities into the weakness but clearly, yesterday’s move was impulsive opening the way to a potential deeper pullback, time will tell but as MM is holding elevated cash levels we’re not concerned by either scenario. US stocks slid lower overnight with the S&P500 finishing down -0.67% pretty much in-line with how their futures were trading when the ASX closed yesterday hence the SPI futures are pointing to a +0.2% open this morning with energy stocks likely to be the backbone of any early gains.
MM is neutral the ASX200 around the 6950 area
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