Afternoon Report Tuesday 8 April 2014
The ASX 200 was incredibly resilient again today in the far of continued selling offshore, closing down only -3 points at 5410 points.
This resilience does not come as a surprise to us, as noted in our recent reports, with the banking sector continuing to outperform in the lead up to May dividend distributions. ANZ closED up +0.2% despite being -0.2% earlier in the session.
We now believe that the NASDAQ will close in positive territory this week, and on this basis we today delved into the market as a buyer of Seek (SEK) as it fell below our target buy level. Subscribers received a real-time trading alert notifying them of our buying.
The resource sector also continued it's resilience with BHP +0.4%, RIO +0.9% and FMG +2.4%, with the market appearing to have bought iron or as a proxy for strength in Chinese markets today. Keep an eye out for our video update on iron ore later in the week.
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