ASX bounces from yesterday’s weakness; Financials lead the rebound
Weakness on the open today before the 11am turning point came into play – this time on the upside as the market grinded higher for the rest of the session. Overall, the Financials did best, while the resources struggled. It never ceases to amaze how the most loved sector in the media / financial press begins to underperform when it gets in the spotlight and those names / sectors that are on the nose start to bounce. A young bloke asked me yesterday about the secret to the market and my first response was – there is no secret – my second was, always come from a place of humility with the acknowledgement that the market knows best, and thirdly, don’t follow the crowd and think independently – what you read in the newspapers is general old news and already well and truly priced in by the mkt. Information is no longer an edge – the edge comes from the interpretation of the information which takes experience!
Anyway, hoping off my high horse, today the mkt had a range of +/- 33 points, a high of 5688, a low of 5655 and a close of 5682, up 26pts or +0.47.
ASX 200 Intra-Day Chart
ASX 200 Daily Chart
Looking at the sectors for the week shows a clear move into the sectors that have been beaten down recently. The financials we’ve been banging the drum on and benefit from higher interest rates topped the list while the utilities – the sector that underperforms during rising rates showed it’s colours!!!
Have a great weekend and keep an eye out for the report on Sunday
The Market Matters Team
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