Author: james Carter
The ASX 200 sold off early in today’s session, only to rally aggressively (87 points from intraday lows) towards the close, ending the day 41 points higher at 5,334.
The Australian banks are in an “eye of the storm” of negativity with everything going against them including a falling $A, rising interest rate concerns and regulatory uncertainties. I find it incredibly ironic that our local banks that held up so magnificently during the GFC to the envy of the world are now in danger from David Murray and the Financial System Inquiry; I would hate to think the reaction if they had been caught in the GFC like a significant number of the US banks. The regulatory risk can be simply summarised as per below:
The ASX 200 closed 29 points higher at 5,293 on the last day of the month and quarter, ignoring the weakness from the Asian region, particularly with the Hong Kong Futures currently trading off 349 points at 22,875.
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It was a choppy session today with the ASX 200 closing 45 points lower at 5,258, led both by the banking and resources sector.
The $A under 88c + Iron Ore well under US$80/t + the DOW off 264 points = a Sea of Red
As expected, the ASX200 followed the lead from the US, closing 69 points at 5313. We remain short term bearish overall, with “choppy” trading before the next leg lower.
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Please see this week’s Market Matters video update on the Market and ANZ 24th September 2014
The Dow and S&P500 are falling, this is focus time
Really bullish, there's more to go in the reflation rally
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