Afternoon Report Wednesday 4 June 2014
As anticipated, we are currently witnessing a retracement in the market with selling accelerated later in the session. The ASX200 closed down - 37 points despite other regional indices currently trading higher.
The market fell today despite Australian GDP being reported at +1.1% vs. +0.9% expected for the quarter and +3.5% vs. +3.2% expected year on year – A market falling on good news is a NEGATIVE indicator.
OZ Minerals closed weaker today, down 13c to $4.30, however, we still remain bullish in the mid-long term.
As mentioned in the morning report, we needed the banking sector to support the market above the 5,500 levels today. This was not seen with CBA closing -69c to $81.21 and ANZ -29c to $34.42. Could this be the beginning of the great banking unwind that we are anticipating? Refer to morning report.
Show more...
