The ASX200 struggled last week following the move by the RBA although the relatively minor pullback still leaves room for an assault on fresh 6-month highs, especially if the miners remain well-bid e.g. BHP Group (BHP) rallied +3.8% last week and its gains paled into insignificance compared to say Fortescue (FMG) +8.7%.
- No change, we still believe Australian equities can rally into Christmas but it’s hard to imagine a significant upside move from current levels unless the Fed is relatively market-friendly this week.
- At this stage we are giving a Christmas rally, on decreasing volumes, the benefit of the doubt but MM remains cognisant of how far stocks have already recovered in just 2 months.
MM remains cautiously bullish on the ASX200 into Christmas
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