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Yesterday saw the ASX200 tumble almost 2% as the “buy the dip” early morning attempt was thumped back into place by fairly aggressive selling across the board, 90% of stocks fell while the futures saw their volume double as worries clearly surfaced through investors’ minds.
179 companies in the ASX 200 closed lower today in a broad based sell-off that saw some of the recently hot sectors (materials for example) hit hard with profit taking. Last nights trading action was not particularly bearish however SPI futures pre-empted todays move pretty well.
The ASX200 bounced strongly yesterday gaining +0.6% as the choppy rotation continues, Tuesday was all about the resources from energy to gold and of course iron ore which continues to swing around with almost as much volatility as Bitcoin!
Australian & Asian markets were strong today, stronger than overseas leads implied early on with the material stocks once again leading the charge as Copper & Iron Ore continue to rally plus Gold chimed in for good measure.
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Yesterday saw the ASX200 fail to hold onto most of its early gains as the “sell the bounce” mentality continues to surface, the local market ended the day on its session lows up just 0.1% with winners and losers pretty evenly matched.
Equities kicked off the week in the green today with materials and offering reasonable support while Technology was also strong today thanks in part to a strong bounce back from Xero (XRO) which rallied ~6%.On the flipside, the financials were weaker today with Macquarie Group (MQG) weighing as they trade ex-dividend though CBA still managed a decent gain up 1.25% to close at $97.79.
MM are buying a technology stock into current weakness.
The ASX200 endured some May wobbles last week falling almost 3% by Thursday afternoon, subscribers should remain conscious that the average decline for May & June combined over the last decade is -4.8% which by definition means at its worst the intra-month pullback would have been deeper e.g. last year we saw a -7.7% retracement even while the market was enjoying a phenomenal post COVID recovery.
This week saw the ASX200 surrender all of its gains for May In just 3-days as the mantra of “buy on dips” appeared to revert to “sell the rallies”, the net 1% decline would have indeed been far worse if heavyweights Commonwealth Bank (CBA) and CSL Ltd (CSL) hadn’t enjoyed sold gains.
