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The local market struggled to hold onto early gains yesterday as profit taking hit Commonwealth Bank (CBA) and the IT Sector, it felt like a weak day although we still managed to close marginally higher. Stock rotation was prevalent within the ASX200 yesterday as 15 stocks rallied by 3% or more, while 6 companies fell by the same degree, as we’ve flagged in a number of reports MM believes this will be opus operandi into Christmas, and probably well into 2022. Elsewhere across Asia, equities were on the back foot illustrating…
The market was once again strongest early with the daily high set soon after open before sellers faded the move. While the market is grinding higher, it is losing some momentum and while this is a very micro interpretation, a lower intra-day high today is a sign we could drift lower in the short term, easy to comprehend given our short term view of the banks has now become a more neutral one and we’re seeing selling creep into the high valuation growth areas of the market.
MM are making some amendments to the Flagship Growth & Emerging Companies Portfolios
The ASX200 continues to grind higher, we might often be closing well under the intra-day high but before we know it the index has again pushed through to post new all-time highs. On a day to day perspective this rally feels slow and steady, almost like 3 steps forward and 2 back, but when you stand back and look at the monthly chart of the local market its resembling a vertical line which could easily defy the bears and test 8,000 in the next 6-months…
This morning’s note was titled Fade the ‘pop’ but BUY the dip and on que the market had a couple of ‘looks’ above 7600 this morning only to close below it, around ~30 points from the intra session high of 7615 that was set at 11.23am. A great FY21 result from CBA saw the shares trade to a new all-time high this morning at $109.03 and that along with some decent buying in the large cap resources had the market on the fly early, however by the close, things were a little more subdued.
The ASX200 again posted new all-time highs yesterday, local stocks continue to march ever higher with IT and Banking the backbone of the Tuesdays +0.3% gain. The local market continues to follow the rhythm of the rally which commenced back in February, we’ve now seen the local market appreciate over 1000-points / 16% in just 7-months with our target for this August ~7650 but until further notice the most important…
A choppy but ultimately positive session for the ASX today with the IT stocks offering most support while the Industrials lagged. The key Materials & Financials sectors were more muted today ahead of some key results tomorrow, including Commonwealth Bank (CBA).
The ASX200 tried hard to rally yesterday but the selling across the “re-opening trade” and Resources Sector offset the strength in the Banking Sector, pretty much in line with our expectations flagged in yesterday’s report. MM has been bullish the banks for months and yesterday saw the Insurance Sector join the “rising bond yield” party, we like both the Banking & Insurance Sectors at this stage of the bond yield cycle although our medium-term target for Commonwealth Bank (CBA) is now only 5% away as we…
The ASX gave back early gains to finish flat today, the financials followed their US counterparts higher to be best on ground while the materials suffered at the hands of a rising $US. Earnings season heats up this week with FY21 results coming through thick and fast – I love this time of year!
The ASX200 has surged out of the blocks to kick off August, following gains by the SPI on Friday it’s poised to open around 7570 this morning, up around 150-points / 2% after just 9-days – remember if we maintain the rhythm of 2021 the index should test 7650-7700 this month. Last weeks gains were broad based with only the Resources Sector closing lower while the combination of strong financials and soaring tech stocks contributed the most to our gains, we believe the banks et al will lead the performance this week assuming Commonwealth Bank (CBA) reports well on Wednesday.
