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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…
The market was hit early down ~85 points at the worst however the buy the dip mentality emerged again and we saw a decent recovery from the early lows of the session, COVID numbers in NSW going the right way helped but so too did a recovery in the US Futures market during our time zone. For the market to close down 33 points when the Dow was off 700+ points is a solid effort. Lots to get across today on the stock front while from a sector perspective, the lockdown stocks namely Healthcare & IT did best while those linked to economic growth being Materials & Energy struggled again.
We are adding two new positions to the flagship Growth Portfolio today if they trade below our targeted levels
The ASX200 endured a tough start to this week finally closing down 62-points although it was a fair bit worse mid-morning with the index nudging the psychological negative 100-points level at its worst. Losses were relatively broad based with 76% of stocks closing in the red but it was still encouraging to see the market grind higher after its initial savage sell off. A few points caught my attention which dovetails nicely with how MM sees equities through July and August:
The market was hit early thanks to a combination of weak overseas leads, US futures edging lower and the economic reality locally that we’ve shut down a large part of the domestic economy to fight the COVID battle. As a consequence, many are feeling extremely frustrated about the approach taken in NSW plus of course the difficulty in understanding + accessing support packages. That’s the feedback I’ve been getting from business owners in the last 24 hours and its clearly this growing frustration that has prompted Gladys to put a vaccination target of 62% of the State’s population to be vaccinated before these sorts of lockdowns will become a thing of the past.
