Market recovers from Trump hangover…
WHAT MATTERED TODAY
It’s proving to be a fairly volatile week for Aussie stocks, ebbing and flowing on the back of ‘Trump’ related commentary. Yesterday we saw our market hit reasonably hard along with the rest of Asia on the back of Gary Cohn’s resignation as Trump’s Economic guru, while in the US, stocks were weaker initially but again climbed the wall of worry throughout the session and closed essentially unchanged. We opened higher and built on gains throughout the day despite the BIG Australian BHP trading ex-dividend for ~70cps plus franking. The stock dropped 60cps so all things being equal, added 40cps for the session or about 1.5% in value.
All in all though, a solid session for Aussie stocks supporting our commentary from this morning….MM remains bullish the ASX200 through March and April targeting the 6250 area, or around 6% higher – the underlying feeling is equities still want to rally and they are regularly doing a pretty good job of shaking off some potentially very bad news. Overnight the high flying NASDAQ, which at MM we believe usually leads global indices, is now only 1.3% below its all-time high after rallying +0.24% in the face of adversity last night, remember one of our favourite quotes:
· “A market that rallies in the face of bad news is a very strong market” – Market Matters.
Overall, the S&P/ASX 200 Index finished 40 points higher today on the highs – this index now at 5942 points – up +0.69% on the day
ASX 200 Chart
ASX 200 Chart
OUR CALLS
No trades on the MM Portfolios today.
Have a great night
James & the Market Matters Team
Disclosure
Market Matters may hold stocks mentioned in this report. Subscribers can view a full list of holdings on the website by clicking here. Positions are updated each Friday, or after the session when positions are traded.
Disclaimer
All figures contained from sources believed to be accurate. Market Matters does not make any representation of warranty as to the accuracy of the figures and disclaims any liability resulting from any inaccuracy. Prices as at 08/03/2018. 5.15PM
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