Indices: Australian ASX 200
The ASX200 pushed higher yesterday enjoying its highest close for over 6-weeks but while the market looks & feels solid we caution that we now believe the “easy money” from MM’s bullish call last month is well and truly in the rear view mirror. Wednesday saw the banks and healthcare stocks lead the advance while the Resources Sector weighed on proceedings – China’s ongoing lockdowns certainly aren’t helping our miners.
The ASX200 continues to demonstrate impressive resilience around the 6800 area again ignoring an average night on Wall Street on Tuesday, the path of least resistance still feels on the upside at least short-term. Yesterday it was the Resources Sector that supported the index while the consumer-facing stocks weighed on the market, this could easily be reversed over the next 24 hours depending…
