The ASX200 is showing some signs of a recovery following its September retracement, the combination of the “reopening trade”, banks and energy names continue to do the heavy lifting and assuming we can see the remainder of the market hold its ground our bullish view feels on point but its wasn’t ideal to see more than 20% of the market slip lower yesterday whilst the index rallied over 90-points i.e. there are still a number of vulnerable stocks / sectors. Unfortunately this morning following losses on Wall Street the local market looks set to relinquish most of yesterday’s gains as the distinctive 3 steps forward followed by 2 back remains in play.
- We remain likely to migrate down the risk curve into further fresh highs by local equities.
MM remains bullish equities looking for 7700-7800 by the ASX200 into Christmas
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