What Matters Today: MM is looking for some performance reversion

The choppy price action of the last month continued unabated yesterday with the ASX200 bouncing 55-points to close back above 6800, basically at the same price it started February. Over the last month of trading the local markets remained within 2% of this area, its felt like there’s been an imaginary elastic band snapping stocks back whenever they attempted to move either up, or down, to a new level of equilibrium.

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Morning report 04/02/2026 09:35

Portfolio Positioning: It’s official, the ASX must swim against the tide of rising rates

The ASX200 leapt out of the gate on Tuesday, embracing strong gains on Wall Street and a bounce across influential metal stocks, helping the material sector post a 1.5% gain. Interestingly, the embattled tech sector also enjoyed a rare day in the sun, gaining +1.9%. It's not often that an RBA rate hike has to vie for the market's attention, but that was the case yesterday as there was little surprise from Michelle Bullock et al while the precious metal rollercoaster kept riding high - gold traded in a relatively quiet $US330/oz range over the last 24-hours, absurd compared to its historical volatility.

Afternoon report 03/02/2026 17:18

The Match Out: ASX clings onto gains as the RBA Hikes

The ASX steadied itself through what was a choppy session, with a quick –35pt index selloff coming straight off the back of the first RBA rate-hike since 2023. Despite the initial reaction, a slow and steady grind higher helped to recover lost ground into the close.

Morning report 03/02/2026 09:34

What Matters Today: Four stocks we like as market volatility lifts (+1 new trade idea)

Monday saw the ASX 200 open sharply lower and continue to fall throughout most of the day as the miners were smacked following the aggressive selling in the US on Friday. The weakness extended during our day session, with silver down another 10% in the afternoon. The weakness in the mining stocks was by far the biggest drag on the ASX200, with the materials sectors 3.1% decline wiping 68-points off the main board, or 75% of the days 1% drop. The falls across the resource names were significant, considering the losses already endured on Friday:

Afternoon report 02/02/2026 17:04

The Match Out: Gold & Silver get whacked again, ASX follows lower

The ASX suffered its worst fall of the year so far, as much as –122pts intra-day, led by a sharp sell-off in gold and oil stocks, before a +30pt bounce softened the blow late in the session.

Morning report 02/02/2026 09:16

Macro Monday: Crowded Trades unravel again when the music stops playing

Recent years have seen a sharp rise in crowded trades as momentum investing has come into vogue. But as so often happens when the music stops playing, conviction can evaporate in an instant. In the blink of an eye, trillions can be wiped out as investors and traders stampede toward the same narrow exit.

Weekend report 31/01/2026 09:42

Weekend Q&A: Gold plunges the most since the GFC after Trump announces his Fed pick

The ASX 200 ended the short week up just +0.2%, but the volatility over the 4-days was more than many months! The energy and materials sectors were again the top performers, but Friday's savage 100-point reversal dented many of the previous high flyers, while the rate-sensitive consumer discretionary and tech sectors fought over the wooden spoon, again. This week is likely to be a very different market following the confirmed nomination of Kevin Warsh to be the next Federal Reserve Chair, taking over from Jerome Powell. Warsh is seen as more inclined than other finalists to guard against rising price pressures, a stance that would translate into monetary policy that is supportive of the US dollar. That saw the $US push up nearly 1% sending Gold & other commodities sharply lower. Gold experienced a top-to-bottom $US900/oz plunge overnight which will have the miners on the back foot on Monday,

Afternoon report 30/01/2026 17:25

The Match Out: Hot money flips out of resources as Gold pulls back, ASX +1.8% for the month

The ASX reversed earlier gains in the final session of the month, dragged lower by an accelerating sell-off in gold and other resource stocks as hot money headed for the exits. The rally in this part of the market has been impressive, however when stocks and commodities start to go parabolic, aggressive, short, sharp pullbacks become more likely, and we’ve certainly seen that play out today. Using BHP as the proxy for the sector, the stock hit a new all-time high above $52 early on, before reversing to close lower. Golds were hit harder with Newmont (NEM) trading at $190 yesterday before closing ~$173 today.

Morning report 30/01/2026 09:43

ETF Friday: How MM sees the resources ETFs in the current buying frenzy

The ASX 200 recovered from early steep losses yesterday to end Thursday's session down just -0.1%, the reverse of Wednesday's price action. It was another session of polarised performance, although most eyes on trading desks were glued to the prices of copper and gold, whose volatility was almost unprecedented. In the early afternoon, Chinese property stocks surged over +10% after Beijing News confirmed that authorities have softened the strict borrowing rules that had worsened China’s property crash. The impact on the related stocks of the ASX was huge. BHP Group (BHP) reversed early losses to advance +1.80%, while Sandfire Resources (SFR) surged, closing up +5.2% after copper popped 7% in a couple of hours following the news.

Afternoon report 29/01/2026 16:44

The Match Out: Choppy session ends mildly lower, Energy stocks rally

The ASX was lower on Thursday, with a firmer Aussie dollar and rising rate expectations combining to pressure risk assets. The main drag came from some pockets of the resource sector, particularly rare earths, after reports suggested the Trump administration may back away from a proposed price floor mechanism, a policy support that had been a key pillar behind the sector’s rerating since mid-2025.

Morning report 29/01/2026 16:29

What Matters Today: The AI Conundrum – Casualty, Beneficiary, or Disruptor?

The ASX 200 reversed early gains on Wednesday to end the day down -0.1%. A “hotter” than expected CPI accelerated the selling after 11.30 am as fears of an RBA rate hike next week intensified throughout the day.