Indices: Australian ASX 200
The ASX200 rallied another +0.6% on Wednesday basically closing smack on 7000 resistance but to adopt a corny often used phrase it was another classic game of two halves with well over 30% of the main index still closing in negative territory. Plus there were a few sectors such as Tech and Healthcare that sat on the fence, however as we’ve all seen…
The ASX200 rallied yesterday closing back above 6950 but so far it’s been a relatively lacklustre start to the week considering leads from the US and especially commodity markets. As we’ve pointed out fund managers are long cash, and underweight equities, but they remain understandably reticent to chase strength in stocks i.e. 3 steps forward, 2 back wouldn’t surprise us over the next few weeks with most of the standout volatility on the stock level – pretty much what we saw by US equities last night.
