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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.
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.
