27/11/2023 08:53

Equity Indices

The ASX200 is set to open firmly this morning, up around +0.2%, following in the footsteps of European indices as opposed to the US, which remained in holiday mode. Last week was quiet on the index level, causing many pundits to say the November rally is running out of puff. Still, we are comfortable giving equities the benefit of the doubt due to the US holiday period.

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20/11/2023 09:01

Equity Indices

The ASX200 is set to open firmly this morning, with the Financials and Energy Sectors likely to be most supportive if we take our lead from overseas bourses. At MM, we remain believers in a Santa Rally this year if for no other reason than we’ve seen it so often in the past, with November already up ~4%, it's hard to recommend chasing strength, but we do see further upside over the coming weeks.

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06/11/2023 08:58

Equity Indices

The ASX200 is set to test 7000 this morning, although a slight ~10c dip by BHP Group (BHP) in the US will likely slow the index around the psychological level, especially after the index has already surged ~3.4% from last week's low. We remain optimistic towards the local index into Christmas, and we wouldn’t be surprised to see another test of the 7500-7600 resistance level by the time we welcome 2024.

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01/11/2023 09:00

Global Markets

US indices rallied overnight, reducing losses for October but still registering its first 3-month losing streak since 2020, the S&P500 closed up over 0.6% near the session’s high – bond yields surging to levels not witnessed for 16-years have weighed on stocks through September/October. Real estate and financials outperformed on the sector level while it was a mixed bag under the hood of the influential tech sector, with NVIDIA (NVDA US) and Meta Platforms (META US) closing lower.

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23/10/2023 08:44

Equity Indices

The ASX200 is set to dip back towards 6850 this morning, posting a fresh 4-month low in the process. We still expect a strong recovery through November/December, but as we’ve said previously, from where has become the “million dollar question”. Taking into account the Middle East tensions and hawkish central banks, we now have to allocate a 25% possibility that the local index will test its 2-year support, back around the 6500 area, or ~5% below Friday's close.

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13/09/2023 09:09

Global Markets

US indices fell overnight as nerves set in ahead of tonight’s CPI data, the rate sensitive technology companies led the declines falling -1.1% with Apples unveiling of the new iPhone 15 not exciting investors with the iconic stock falling -1.7%. Software supplier Oracle Corp (ORCL US) plunged the most since 2002 following a slowdown in cloud sales.

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11/09/2023 09:00

Chart of the Week

The small caps often lead the broader market being a solid indicator of the markets liquidity/risk appetite, the last 12 months has seen the US small cap trade sideways with uncanny consistency which hasn’t vaguely supported the strength being exhibited by the Tech Sector.

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24/07/2023 09:01

Chart of the Week

Subscribers often request a visual version of our roadmap for stocks moving forward, especially in today’s market where the majority of investors feel nervous at best. Unlike many, although we acknowledge valuations are on the rich side after rate hikes, we remain bullish medium-term expecting the broad-based Russell 3000 to follow in the footsteps of the heavyweight tech stocks and post fresh all-time highs in the quarters ahead.

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19/06/2023 08:59

Equity Indices

The tech based NASDAQ made fresh 18-month highs last week as heavyweight Microsoft (MSFT US) followed in the footsteps of Apple Inc (AAPL US) by posting new all-time highs – as we said last week “hardly the bear market so many pundits keep forecasting”. In the short term, we believe some consolidation is likely especially as we enter the seasonally weak 2nd half of June but we still see no reason to not favour buying dips and investing with the trend.

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29/05/2023 09:01

Equity Indices

The ASX200 fell away in the last full week of May making fresh 8-week lows in the process, the influential banks and resources weighed heavily on the local market. However, the moves & news of the last few days could easily see the market punch to fresh monthly highs this morning as the index rotation in the 7000-7500 area continues.

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