The ASX200 is set to open down around 1% this morning following Friday’s tumble on Wall Street but considering that will still have the local index trading around 300-points above last week’s low we feel it’s a very encouraging picture for investors following the RBA’ surprise 0.25% rate hike – MM believes the local market has found a low and we will be trading comfortably higher around Christmas.
- No change, we still believe equities are likely to be trading in the 6400-7100 range over the next 6 months i.e. the risk/reward still favours the buyers around 6700 this morning.
- We remain bullish still anticipating improved performance from the interest rate-sensitive names as bond yields look close to their inflection point for 2022.
MM remains bullish the ASX200 into Christmas
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