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A200
MM remains bullish towards the ASX200 around 8900
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We aren’t expecting much impact to stocks from the mid terms
NDQ
MM remains bullish towards the NASDAQ around 28,000 into Christmas
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MM believes the RBA Cash Rate will peak this month
VGB
MM remains bullish towards Australian 3-year bonds – yields lower
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OOO
MM is neutral towards December oil around US$117/barrel.
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GOLD
MM remains cautiously bullish toward gold
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WIRE
MM remains bullish towards copper and its related miners over the coming years
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USD
MM remains bearish towards the US$ Dollar longer term
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WIRE
Trade Idea: Buy Global X Copper Miners ETF (WIRE) using a limit of $19.50, with stops at $18.20, around 7% risk.
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SEMI
Trade Idea: Buy Global X Semiconductor ETF (SEMI) using a limit of $31.40, with stops at $29.40, around 6% risk.
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SOXX US
MM will turn bullish towards the SOX index ~10,000
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Latest Reports

Morning report

Macro Monday: Here come the RBA & Mid-terms, as if it wasn’t volatile enough!

The US Tech Sector came under further pressure last week with aggressive pullbacks from the likes of Intel (-24%), Google (-13%), Palantir (-6%), Netflix (-6%), and Meta (-3%) weighing on the indices and general market sentiment. The issue last week wasn’t bond yields, but the latest earnings season exposing the growing cash-flow cost of the AI boom.

Weekend report

Weekend Q&A: The “AI Trade” unwinds into the US mid-terms

The ASX 200 finished up +1.3% last week, and +1.4% for October, an impressive performance considering the volatility on overseas markets around the AI Trade. The miners bounced well, although it's going to be a tough start on Monday, while the banks also enjoyed a solid week, with ANZ, our preferred member of the “Big Four”, making a new all-time high. However, consumer-facing stocks remained under pressure, with the consumer staples (-5.1%) and consumer discretionary (-2.4%) sectors weighing on performance.

Afternoon report

The Match Out: ASX higher but loses most of it’s early gains, finished up ~1.3% in October

It was shaping up to be a very strong finish to October for the ASX early today, with the index up almost 1% and briefly pushing back toward 9,000 for the first time since early September. Unfortunately, the strength didn’t last. The ASX steadily gave back most of its gains through the afternoon as weakness in global technology stocks, resources and selected growth names weighed, eventually closing ~80 points below the early session highs.

The Match Out Market Matters 2
Morning report

What Matters Today: Three sectors where not all boats are rising/sinking as one

Firstly, we have a new data provider now feeding the Market Matters website, with the cut over completed overnight. Further enhancements to come in coming months, which will tie in our expanded data set with some interesting tools to better analysis the market as a whole and improve the navigation around the site.

Afternoon report

The Match Out: Banks and REITs lift ASX as Retailers and Miners slide

The ASX posted a solid session as select rate-sensitive sectors helped the market extend gains despite a hotter local CPI print yesterday, with banks and property shares leading after Wall Street rose on the Federal Reserve’s decision to hold rates overnight. Consumer stocks remained under pressure amid softening retail updates, while Materials came off the boil slightly, with lithium names particularly soft as Chinese spodumene prices fell.

The Match Out Market Matters 2
Afternoon report

The Match Out: Miners & Tech lead early before hot CPI puts the brakes on ASX rally

The ASX gave back much of its early advance, with a ~90pt intraday reversal after hotter-than-expected inflation data lifted rate concerns. Miners and technology shares held up well as the market continued to respond positively to the Anthropic IPO filing yesterday, while Defensive sectors lost ground, reversing some of their recent outperformance

The Match Out Market Matters 2
Morning report

Portfolio Positioning: Anthropic’s IPO reinvigorates the “AI Trade”

For the second consecutive day, the ASX 200 recovered from early losses to close higher, this time a more impressive +0.5%. Gains were concentrated in the miners, with the materials sector adding 58 points to the index, while financials dragged by 18 points. If the two could just move in the same direction, we’d be trading above 9,000 in the blink of an eye! The miners, and in particular copper names, enjoyed two strong tailwinds on Tuesday.

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The US Tech Sector came under further pressure last week with aggressive pullbacks from the likes of Intel (-24%), Google (-13%), Palantir (-6%), Netflix (-6%), and Meta (-3%) weighing on the indices and general market sentiment. The issue last week wasn’t bond yields, but the latest earnings season exposing the growing cash-flow cost of the AI boom.

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