Afternoon Report Friday 14 March 2014
The ASX 200 was sold off aggressively today, closing -83 points following overnight leads from both US and Europe on continued concerns surrounding the economic health of China.
Both the banking and resource sectors, the Australian market's key drivers, were hit hard with Westpac (WBC) -1.8%, National Australia Bank (NAB) -1.2%, BHP Billiton (BHP) -2.0% & Rio Tinto (RIO) -2.7%.
As mentioned previously, this market is in a zigzag bull market where discipline is the key and set trading strategies must be adhered to. This is evidenced by our profit taking in Fortescue Metals (FMG) yesterday after holding for only two days. Where clear trading strategies emerge, one must be diligent and execute at set levels.
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