Even though the ASX200 index isn’t our main focus obviously we do keep a handle on it and ideally, September will deliver a period of consolidation similar to that experienced in late June which is shown on the chart below in yellow. MM is simply looking to accumulate stocks/sectors we like into pullbacks which will probably flow through to some further index weakness – that’s obviously assuming our well-laid plans play out!
Following moves overnight which saw US stocks continue to grind higher the ASX200 is set to open up around 30-points this morning back above the 700 area with the Energy Sector again likely to spearhead the gains.
MM remains neutral to mildly bearish the ASX200 around the 7000 area
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