Indices: Australian ASX 200
The ASX200 itself has experienced 3 consecutive 100-point swings as it cannot decide whether it’s safe to recoup some of 2022’s losses. However our old friend the Bank of America’s Fund Managers Survey which was released last night provided some optimism for the bulls as the report basically screamed of “capitulation”:
The ASX200 surrendered most of Friday’s gains yesterday as the market continues to rotate in the 6500-6800 region, it was the heavyweight resource stocks that weighed on Monday while the banks continued to look solid. Weakness was not too broad-based with 20% of stocks advancing but with BHP Group (BHP) -2.3%, RIO Tinto (RIO) -2.6% and CSL (CSL) -1.3% it’s hard for the index to perform on the day.
