Afternoon Report Wednesday 30 July 2014
The ASX 200 started off slow, only to surprise investors and rally as high as 43 points, still closing above the 5,600 level to 5,623.
As mentioned from the recent Hickman Report, “After last week’s strength in the domestic market I want to again sit on the sidelines for a few days, but my “gut feel” is we will see a fresh high over 5600 early next week to tie in with CBA testing $83 prior to a pullback.”
We are now watching the market very closely, particularly tonight, after the Fed Reserve meets, which will shed some light into the direction of the market. A break below 5,540 in the ASX 200 will concern us.
Commonwealth Bank (CBA) closed at an all-time high, up 78c to $83.13. I am happy to take profit on half of long positions.
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