Morning Report Thursday 20 November 2014
Three household names are getting dumped, do we buy?
Three stocks Market Matters have been negative on during 2014, have experienced accelerated selling over recent weeks. The question is - Are they becoming attractive? While the Dow remains only 0.3% below both all-time and 2014 highs, the ASX200 continues to languish, yesterday closing 21.7% and 5.5% respectively below the comparative milestones. Three of the culprits for this poor performance by the Australian market are my focus today with BHP (2) and Woolworths (8) in our top 10 stocks by market capitalisation.
BHP Billiton (BHP) - $32.67 – down 17.9% from 2014 highs – Click here to see recent note – Technically, BHP remains bearish, targeting the low $20 region over 30% lower (chart 2). Fundamentally, the picture for commodities remains hard, with China slowing and their housing prices falling.
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