Afternoon Report Thursday 17 July 2014
The ASX 200 had a strong open this morning, reaching 6-year highs of 5561 ahead of July index options expiry, only to close up 4 points to 5522.
As predicted, our current negative view on the banking sector proved correct with Westpac (WBC) closing down 25c to $33.64.
However, we have underestimated the strength of the resources sector, particularly today with reports that China’s state council pledged to further promote targeted economic stimulus measures. This helped push the resources sector further into positive territory, with RIO Tinto (RIO) closing up 81c to $64.75 and Fortescue Metals (FMG) up 8c to $4.66.
Following today's profit taking of another Blue chip stock as per live alerts to subscribers, please follow the morning commentaries and the weekly Hickman Report regarding stop loss orders, profit targets and position management.
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