Indices: Australian ASX 200
As we said before assuming we are correct and round 2 is upon us we are more interested in the quality end of town to drag the ASX200 back towards the 7200 area, hence today we’ve looked for companies where we can see ~20% upside with limited downside i.e. attractive risk/reward.
The ASX200 enjoyed another major “risk on” session on Wednesday, we even saw weakness in the US futures ignored throughout our day session as small intra-day dips were bought before they hardly started – no great surprise to MM when we consider how bearish investors & fund managers had become. Readers should remember that last month’s Bank of Americas Fund Managers…
The ASX200 was already up over 2% before the much-welcomed news from the RBA which resulted in another 100-points on the upside enabling the market to close up +242-points / 3.75%, not surprisingly its best day in over 2 years.
