Afternoon Report Thursday 20 March 2014
The ASX 200 drifted lower with March futures expiring this morning and no sight of buyers in it the market. BHP led the miners lower, closing -59c, whilst WBC led the banks closing -45c.
The gold sector was the laggard of the market, as weakness in gold futures continued. Newcrest Mining (NCM) closed -7.6%, OceanaGold (OGC) -1.8% & SilverLake Resources (SLR) -5.3%.
The lack of buying across the broader market is a clear signal a lack of confidence remains. Janet Yellen's comments were announced late in the US session on Wednesday, so investors are clearly waiting on the sidelines to see the full impact on US and European markets tonight.
We continue to trade cautiously, as this market is in a zig-zag bull market, where set trading plans need to be be adhered to.
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