Happy Holiday’s from all the team at Market Matters
The ASX200 was weaker yesterday courtesy of a stronger Australian Dollar which is proving resilient above 69c, settling this morning at 69.22c. Material stocks were the weakest link as we wind down to Christmas. Overnight, US markets edged to record highs on very light volume, the S&P 500 up for its eight session out of the last nine highlighting the melt up in US markets, unfortunately the ASX has not traded with the same vigour over the past week. US Bond Yields continued to track higher overnight and this remains one of the key market variables going into 2020, the US 10 year yield now up to 1.93%.
This morning the SPI futures are pointing to an unchanged open, BHP closing up an equivalent of 0.40% higher in the US implies resources stocks may recoup some of yesterday’s declines, while both Gold and Silver performed well overnight, the Silver ETF adding +3.73% the standout.
MM is short-term bullish the ASX200 while it can hold above 6750.
ASX200 Index Chart
Merry Christmas from the Market Matters Team
Merry Christmas & Happy Holidays to you and your family and I hope you have a wonderful festive period. On behalf of the Market Matters Team, thank you for your continued support throughout 2019, and we look forward to a great 2020.
I recorded a quick video message this morning – CLICK HERE
Below is an outline of Christmas trading on the ASX. Reports will end today before recommencing on the 13th January 2020.
Once again, Merry Christmas & Happy New Year
James & the Market Matters Team
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