The ASX200 fell 120-points / 1.8% last week with all of the losses, plus more, occurring on Friday as rising bond yields shook the confidence of global equities. Friday was the last trading day of February and it’s common that volatility becomes elevated at both the start and finish of a month, interestingly both January and February saw early strength with tops on the 17th & 25th respectively before weakness saw most of the months gains lost in fairly rapid fashion – as we’ve said previously it feels like the airs getting thin whenever 7000 is on the horizon. From a seasonal perspective the next few months are pretty neutral before weakness usually sets in for May & June hence at this stage we believe that MM’s mantra for 2021 of “buy weakness and sell strength” remains very much in play especially when we consider the last 2 months.
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