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A decent bounce into the weekend meant that the local index closed only 66pts lower on the week, less than 1% down on the close last week/ It felt like a far more painful 5 days though.
Yesterday saw the ASX200 fall another 62-points finally breaching the psychological 7000 area in the late afternoon, selling was fairly broad based with well over 60% of stocks down on the day although gains in the heavyweight banking & healthcare sectors stymied the losses.
It took a couple of goes at it, but today the ASX broke down through the 7000 level to a 3 week low.
Yesterday saw the ASX200 fall another 52-points testing the psychological 7000 area in the early afternoon, the worm certainly hasn’t turned yet but there’s definitely some cracks forming in some global indices and local sectors.
The profit taking continued today with the ASX pulling back from Tuesday’s peak. The index did manage to put on a few points from its mid-afternoon low with buyers stepping up as the index approached the 7000 level.
Overnight we saw Treasurer Josh Frydenberg spend big in an effort to create another 250,000 jobs, there’s obviously no concerns around inflation or debt levels at this point in time. The booming mining sector has enabled the cash splash from revenue not envisaged by many a year ago when the pandemic dominated most conversations.
The market took a step back today, joining international markets in a pullback against recent gains. Tech continues to be in the firing line as growth expectations are curbed by interest rate forecasts.
Yesterday saw the ASX200 surge to within touching distance of both its all-time high and the psychological 7200 area but this was not a typical 90-point rally because almost 30% of stocks closed down on the day.
Today heralded the complete recovery from the COVID crash – the ASX200 closed at its highest level, topping the 20 February 2020’s close by 10pts.
So far in May the ASX200 has maintained both Aprils underlying strength and its polarization of gains with the banks and resources powering ahead while growth stocks and in particular the IT Sector remaining under the proverbial pump.
