The Match Out: ASX loses steam as reporting starts to wind down
The ASX lost some steam today and as we penned this morning, we believe the market is starting to feel tired after its 25% advance from the April lows.
Cracks may be forming in the US housing market with total housing starts and permits pulling back in June below expectations – they declined 125K to 1434K. Also, mortgage applications for a home purchase fell 1.3% in the week ending July 14, while continuing to run at extremely low levels, reflecting the lack of activity in the existing home sales market. However, the NAHB’s housing market index ticked up further in the July survey, moving up 1 point to 56.
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