A solid start to the week with the ASX putting on nearly 2% led by the financial sector, although it was green right across the screen with all sectors finishing up on the day. Nice to see buying early that was supported throughout the day with the market closing near session highs – some confidence returning, at least in the short term!
It was certainly a ‘risk on’ session today with the Small Ordinaries (+3.20%) creaming the large caps (+0.77%) while drilling down into the relative sector performances also highlighted that skew, Technology the standout while other interest rate-sensitive sectors like real-estate did well. A good way to end a reasonable week for the market, while at Market Matters we also went live with a new version of our website, which brings in market data, advanced charting, company financials and broker forecasts, into what we think is a very user-friendly platform.
A fairly muted session today on the ASX with the defensive sectors doing well while those exposed to economic weakness struggled. Energy is at the pointy end of that, a crowded trade that is unwinding however if we see another ~10% downside we’ll likely step back into the sector.
An average day for the ASX with the market giving up an early advance after a solid session in the US overnight, US Futures turning lower during our time zone and weakness throughout Asia didn’t help.
The ASX bounced today with some optimism returning to the screens, particularly the index influences with both banks & the resource /energy stocks finding some form while the defensive areas saw profit-taking.
A fairly quiet Monday given US markets are closed tonight although selling was the more obvious impulse overall. Iron Ore fell hard in Asia, down -9.5% as Shenzhen put in place some sporadic lockdowns due to COVID while wider growth fears permeated into the energy and resources complex with some big pullbacks right across the sector.
Another soft session to end a very poor week for the ASX with the index down by -457pts/-6.6% over the 4 trading sessions. While the US market was soft overnight, down between 2.5% (Dow) & 4% (Nasdaq), their Futures rallied during our time zone today to be trading 1% higher around our close, implying a positive start (at least) there tonight. That saw our market close ~50pts from the session lows today, although it simply seemed a lack of interest following a pretty torrid week. Manly beating the Cowboys at Brooky tonight would help a little!
A stronger open this morning for quarterly index & options expiry hence the delayed start, however, the first hour saw the best of it and the rest of the day was a soggy affair, a slow, meandering slide as selling kicked into US Futures. The market strength post the 0.75% rate rise in the US was short-lived, probably short-covering and now we enter another vortex of data that could well be filled with negative rhetoric.
A choppy session for the ASX with the market showing early signs of stabilisation to be down only marginally before weakness crept into US futures which dragged the local index lower by the close. The US FOMC conclude their meeting on interest rates tonight where they’ll raise rates, probably by 0.50% or potentially a more aggressive 0.75%, recent leaks imply the latter while there have been growing calls to bite the bullet and raise by 1%. A 0.5% hike would deliver a US benchmark interest rate of 1.25%-1.50%
I have a few sayings written on my desk at work and at home, probably the most useful is simply ‘keep turning up’. By that I mean continue to do the work, don’t get too emotional about the market (the media does not do us a favour here) and continue to invest which is exactly what we should be doing in times like this. Sell-off’s pass and it’s the long game that we should all be focussed on. Today’s move was a big one on the downside, particularly this morning with the ASX keying off two bearish sessions in the US to fall ~5%. Nearly everything was sold...
It was certainly a ‘risk on’ session today with the Small Ordinaries (+3.20%) creaming the large caps (+0.77%) while drilling down into the relative sector performances also highlighted that skew, Technology the standout while other interest rate-sensitive sectors like real-estate did well. A good way to end a reasonable week for the market, while at Market Matters we also went live with a new version of our website, which brings in market data, advanced charting, company financials and broker forecasts, into what we think is a very user-friendly platform.
A fairly muted session today on the ASX with the defensive sectors doing well while those exposed to economic weakness struggled. Energy is at the pointy end of that, a crowded trade that is unwinding however if we see another ~10% downside we’ll likely step back into the sector.
An average day for the ASX with the market giving up an early advance after a solid session in the US overnight, US Futures turning lower during our time zone and weakness throughout Asia didn’t help.
The ASX bounced today with some optimism returning to the screens, particularly the index influences with both banks & the resource /energy stocks finding some form while the defensive areas saw profit-taking.
A fairly quiet Monday given US markets are closed tonight although selling was the more obvious impulse overall. Iron Ore fell hard in Asia, down -9.5% as Shenzhen put in place some sporadic lockdowns due to COVID while wider growth fears permeated into the energy and resources complex with some big pullbacks right across the sector.
Another soft session to end a very poor week for the ASX with the index down by -457pts/-6.6% over the 4 trading sessions. While the US market was soft overnight, down between 2.5% (Dow) & 4% (Nasdaq), their Futures rallied during our time zone today to be trading 1% higher around our close, implying a positive start (at least) there tonight. That saw our market close ~50pts from the session lows today, although it simply seemed a lack of interest following a pretty torrid week. Manly beating the Cowboys at Brooky tonight would help a little!
A stronger open this morning for quarterly index & options expiry hence the delayed start, however, the first hour saw the best of it and the rest of the day was a soggy affair, a slow, meandering slide as selling kicked into US Futures. The market strength post the 0.75% rate rise in the US was short-lived, probably short-covering and now we enter another vortex of data that could well be filled with negative rhetoric.
A choppy session for the ASX with the market showing early signs of stabilisation to be down only marginally before weakness crept into US futures which dragged the local index lower by the close. The US FOMC conclude their meeting on interest rates tonight where they’ll raise rates, probably by 0.50% or potentially a more aggressive 0.75%, recent leaks imply the latter while there have been growing calls to bite the bullet and raise by 1%. A 0.5% hike would deliver a US benchmark interest rate of 1.25%-1.50%
I have a few sayings written on my desk at work and at home, probably the most useful is simply ‘keep turning up’. By that I mean continue to do the work, don’t get too emotional about the market (the media does not do us a favour here) and continue to invest which is exactly what we should be doing in times like this. Sell-off’s pass and it’s the long game that we should all be focussed on. Today’s move was a big one on the downside, particularly this morning with the ASX keying off two bearish sessions in the US to fall ~5%. Nearly everything was sold...
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