Morning Report Monday 16 June 2014
Arguably the hardest job I have at Market Matters is to keep both traders and investors happy and engaged. By definition, I am likely to be the most active in both trading and investing at the same time but there are some clear structural changes in overall positions and rational. I will take a simple look at both to clarify some of the questions I have received recently through Market Matters.
I am bearish equities here looking for a 10% correction in the US.
Subsequently, I am not a buyer of any stocks without a clearly defined stop.
Current stops: Oz Minerals (OZL) $3.94, M2 Group (MTU) $5.49 and Suncorp (SUN) $13.22.
Please note, I remain very nervous on the resources sector as a whole. I purchased OZL for technical reasons combined with a yield of 4.9% and 23.6% revenue from Gold. Conversely, I ignored technical buy signals from Fortescue Metals (FMG); that decision has proven correct.
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