Afternoon Report Wednesday
The ASX 200 was surprisingly strong today, closing 40 points higher with an apparent inflow of money via the futures market.
The resource sector was particularly strong as hopes of another round of Chinese stimulus buoyed investor confidence. BHP closed +63c whilst RIO +129c.
The bank sector, whilst not as strong at the miners, also performed will with closing NAB +0.8% & WBC +1.2%. We need to keep in mind that the big 4 banks appreciate an average of 5.7% between March and April as investors get set for dividends payments (www.probabilitytrader.com)
Gold was the weakest sector today with Newcrest mining (NCM) closing -2.3% and Oceana Gold (OGC) -1.6%.
We remain trading cautiously as this market is in a zig-zag bull market, where set trading plans should be adhered to.
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