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The market opened higher this morning and quickly ticked off a new milestone with the ASX 200 hitting a new all-time high of 7417 only to reverse and close back within the trading range. Chinese equities were sharply lower today thanks to another round of regulation from Beijing and that saw both Hong Kong & mainland Chinese stocks off more than 3% while US futures also gave up early gains.
The ASX200 is poised to make fresh all-time highs this morning with good old fashioned corporate performance dictating the markets trend as opposed to short-term panic around COVID-19 and the subsequent deteriorating sentiment towards the global economic recovery. When we stand back and look at the local market since this impressive post GFC bull market started way back in March 2009 the rally by equities has been steady with a few interesting characteristics catching our eye:
Last week saw the ASX200 shrug off a rapidly deteriorating COVID picture particularly in Sydney finally managing an impressive positive close up +0.6%, the week was distinctly one of 2 halves. Firstly we plummeted lower on fears of a double dip recession only to recover strongly as the market appeared to weigh up a potential ramp up in Federal & State economic stimulus & / or a largely vaccinated country…
A quieter way to end a busy week, lockdowns, some market volatility bubbling away and a few swings and round abouts across some of MM’s holdings. Overall, a reasonable week for both the market and portfolio’s generally as the ASX again knocks on the door of all-time highs. Today it was the Healthcare sector that took the performance batten while the Energy stocks pulled back after a solid day yesterday.
We are making some amendments to the Flagship Growth & Emerging Companies Portfolio today
This weeks summed up perfectly both June & July for the ASX200, we kicked-off on Monday with one of the worst days in months leading to a test of 7200 on Tuesday morning, but by the close on Thursday these losses were well and truly in the rear view mirror as local stocks closed within only 0.3% of their all-time high, buy the dips is clearly still the winning formula.
A strong session in Oz today despite NSW Covid case numbers hitting a new peak. Energy stocks were top of the pops followed by Materials, both up more than 2% while Healthcare was the only sector to finish down. Lots happening in the mining space (quarterlies) plus a few swings and roundabouts across the Market Matters Portfolios today.
The ASX200 enjoyed a solid Wednesday with the index closing up +0.8%, the banks and resources led the gains as the “reflation trade” enjoyed a day back in the sun. I’m trying extremely hard not to make the reports monotonous as we continue to witness an ongoing “tug-of-war” between…
Buy weakness, sell strength, a phrase we’ve used too often in recent times however yesterday’s strong recovery from the lows and todays sell-off at the highs played to that tune, today the market was up +100pts early on before closing around ~50pts below the session highs. The Material & Financial stocks bounced back today after a tough period with only the Healthcare sector trumping them while a 5% decline in Altium (ALU)…
The ASX200 again managed to hold onto its 7200 support in admirable fashion yesterday even in the face of a 725-point plunge by the Dow, the markets “buy the dips” attitude is undoubtedly working for now. However while MM is part of this core view that the bull market is alive and well our preferred scenario is we get a short sharp washout down ~4% to catch out the complacent traders / buyers because…
