Indices: Australian ASX 200
The ASX200 struggled on Wednesday with many traders taking a back seat ahead of last night’s important US CPI (inflation) data, the index ultimately closed down -0.5% basically at the same level we started August. Selling was broad-based with 70% of the main index closing in the red but with the influential Banking Sector closing higher, even as Commonwealth Bank (CBA)…
No change towards the local index as it looks for direction around the 7000 area, our preferred scenario is we see another test on the downside before another exciting “Christmas Rally” but it’ not a view which in our opinion commands an aggressive stance. However we do expect ongoing stock & sector rotation with the tech stocks starting to tire on the upside.
