Archives: Reports
The ASX200 managed to bounce yesterday even after a negative lead from Wall Street and ongoing weakness from the local Banking Sector with CBA already 11.5% below last weeks high, another 5% and it will become interesting to MM. There were no particular standouts on the sector front and only 3 stocks moved by over 5%, the market still remains comfortable in its 7300 – 7480 trading range and while our preference is a breakout to the upside it has been a touch frustrating how the ASX has ignored…
A choppy session for the ASX with the market trading in a reasonable ~60pt trading range, the worst of it was seen just after open with the mkt down ~30pts before a morning rally saw the market hit an 11.30am high up ~30pts before a choppy / weak afternoon played out. AGM season remains front and centre, today there was some hits and some misses while from a sector perspective, strength was seen primarily amongst the…
We are buying Appen (APX) in the Flagship Growth Portfolio
The ASX200 was clobbered 50-points yesterday courtesy of a disappointing result from CBA which plunged over 8% taking a whopping 45-points off the index all on its own – more on this later. The impact of a weak Banking Sector on the ASX was illustrated perfectly by the markets 0.68% decline even when 65% of stocks closed up on the day.
Another softer session for the market today thanks largely to a weaker than expected quarterly update from index heavyweight CBA which weighed heavily on the financial sector, plus for good measure the other barbell of the market – materials – also finished lower.
The ASX200 succumbed to broad based selling on Tuesday, only the IT Sector managed to close in positive territory while the resources led the declines – the stock and sector rotation continues almost day to day, anybody attempting to identify a clear trend looks destined for disappointment. As we often say the market will be there tomorrow and it usually tells us where it wants to go hence be patient and don’t force an opinion too firmly on this market while its treading water i.e. MM is still bullish while being conscious…
A poor session today for Aussie stocks with the market selling off throughout the session, again hitting its head on this stubborn wall of resistance ~7480 as weakness amongst the commodity stocks weighed on the broader market, although only one sector (IT) finishing in the green shows how broad based the decline was.
On Monday the ASX200 tried and failed yet again to break through the 7480 barrier, perhaps it will be 8th time lucky. By lunchtime yesterday it actually felt like the local market was going to break out above its October / November high but the buyers aggressive morning appetite faded after lunch although we still managed to close within 10-points of MM’s technical breakout level. We are mid-way through November and its range is less than half of the monthly average through 2021 which implies a break above 7480…
A reasonably muted start to the week for equities which tracked higher through the morning before giving around a quarter of the gains throughout the afternoon. Buyers tried to see the index close through the key 7480 level we discussed in the morning report with buying on the close getting to within touching distance, just 10pts away. Still, a better than expected start to the week with futures initial pointing to a flat session.
Global stocks are hovering around their all-time highs impressively ignoring a sharp move higher by inflation and subsequent surge in global bond yields, most subscribers probably have a handle on the numbers by now:
