When we stand back and look at the bigger picture for the local index our relatively large cash position is easy to understand:
- The ASX200 is testing its all-time high and markets very often fail at their first attempt to break out to new levels of equilibrium.
- The markets been grinding higher since February with noticeably reduced momentum, a pullback of similar degree to the one experienced through June-October last year is our favoured scenario but stocks are certainly not in a hurry to throw in the towel, especially with Commonwealth Bank (CBA) surging to fresh all-time highs.
Hence today we’ve simply looked at 4 stocks that were on the move yesterday which MM haven’t covered in while as we continue to evaluate different areas to deploy our elevated cash levels.
MM is looking for a classic seasonal pullback by stocks to increase our risk position
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