Afternoon Report Tuesday 29 April 2014
The ASX200 traded hit its highs early in the session, up 26 points, only to be sold off for the remainder of the day to post a -0.9% decline to 5,487 points. The futures actually fell -96 points intraday.
Banks and resources led the declines, with CBA opening at its all-time high of $79.95 only to reverse and close -0.6% at $78.94 and RIO closing -1.2% at $61.30.
As mentioned yesterday, we have no interest in buying the gold sector as we believe it is weak for the medium term. NCM closed -3.1% at $10.41 and OceanaGold (OGC) -3.9% at $2.46.
Today, our Subscribers received two live trading alerts:
We closed our remaining positions in Seek Ltd (SEK) as it triggered our new stop level of $17.05.
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