Indices: Australian ASX 200
The ASX200 experienced a mixed week as we exited April with things looking good on Friday but after the latest sharp drop by US indices, local resilience will yet again be tested this morning. At this stage, MM is not panicking into cash even as we enter May but we are constantly reminding ourselves of our mantra for 2022 and its investors who are prepared to sell that we believe will see the best relative performance come the end of the year:
The ASX200 bounced almost +1.3% overnight as the mining stocks enjoyed a strong rebound which helped the Materials Sector rally over +3.5%. The local market yet again finds itself only 3% below its all-time high although most subscribers would agree it doesn’t feel that strong but we cannot argue with the numbers, at MM we still believe “the path of most pain” for underweight…
Really bullish, there's more to go in the reflation rally
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