There was a degree of anticipation this morning given the weekend news flow, however as currency markets opened and were fairly subdued it quickly became apparent that the market reaction towards the Omicron variant would not be as severe as futures had implied. As is customary on a day like this, the worst of it was seen early as stop losses dinged the market sharply lower on open (-100pts) before buyers quickly emerged pushing...
After weeks of being more or less pinned to 7400, the index finally cracked today. Initially it looked to be a pretty subdued end to the week for the ASX given Futures were little changed and the US market closed overnight for the Thanksgiving Holiday, however traders got the jitters and the index was smacked to a new 5 week low. Fears around a new COVID strain appears to be the main thing concerning investors with travel stocks firmly in the firing line.
Another quiet day on the index level, any strength was sold, weakness bought and overall the market finished flat, however there was a lot more happening under the hood. At a sector level, IT stocks bounced back strongly from recent weakness, materials also rallied and that supported MM’s current positioning, while the Financials & Staples sectors were both weak.
It was one of those days today where the market had little direction – chopped around par with further weakness in technology stocks offset by buying in the Energy sector, hard to get excited one way or another and best we let the market determine where it tracks from here. As we suggested this AM, MM is technically bullish on a close above 7480 and bearish below 7300, ultimately the market will tell us where it wants to head next, however bullish the seasonal factors may be.
A strong bounce back from early morning weakness today as the late sell-off in Tech shares overnight cast a shadow over the market early, however with commodities strong and strength during the Asian time zone today, the local material sector provided a strong backbone for the ASX to overcome technology weakness and finish nearly 0.8% higher – back up through 7400 in the process.
Another choppy open to trade this morning with the index jumping around at shadows and that really typified the rest of the day, the broader market finishing down -0.60% weighed by the IT & Energy stocks as the Christmas rally remains illusive for now.
The market finished marginally higher today although was down ~1% on the week thanks to weakness amongst the financials courtesy of CBA’s disappointing update. Over the course of the week, the Financial sector was off -3.6% while the materials fell by -1.62% making it a tough ask for the broader market, IT +2% & Healthcare +1.71% did an admirable job.
A choppy session for the ASX with the market trading in a reasonable ~60pt trading range, the worst of it was seen just after open with the mkt down ~30pts before a morning rally saw the market hit an 11.30am high up ~30pts before a choppy / weak afternoon played out. AGM season remains front and centre, today there was some hits and some misses while from a sector perspective, strength was seen primarily amongst the...
Another softer session for the market today thanks largely to a weaker than expected quarterly update from index heavyweight CBA which weighed heavily on the financial sector, plus for good measure the other barbell of the market - materials - also finished lower.
A poor session today for Aussie stocks with the market selling off throughout the session, again hitting its head on this stubborn wall of resistance ~7480 as weakness amongst the commodity stocks weighed on the broader market, although only one sector (IT) finishing in the green shows how broad based the decline was.
After weeks of being more or less pinned to 7400, the index finally cracked today. Initially it looked to be a pretty subdued end to the week for the ASX given Futures were little changed and the US market closed overnight for the Thanksgiving Holiday, however traders got the jitters and the index was smacked to a new 5 week low. Fears around a new COVID strain appears to be the main thing concerning investors with travel stocks firmly in the firing line.
Another quiet day on the index level, any strength was sold, weakness bought and overall the market finished flat, however there was a lot more happening under the hood. At a sector level, IT stocks bounced back strongly from recent weakness, materials also rallied and that supported MM’s current positioning, while the Financials & Staples sectors were both weak.
It was one of those days today where the market had little direction – chopped around par with further weakness in technology stocks offset by buying in the Energy sector, hard to get excited one way or another and best we let the market determine where it tracks from here. As we suggested this AM, MM is technically bullish on a close above 7480 and bearish below 7300, ultimately the market will tell us where it wants to head next, however bullish the seasonal factors may be.
A strong bounce back from early morning weakness today as the late sell-off in Tech shares overnight cast a shadow over the market early, however with commodities strong and strength during the Asian time zone today, the local material sector provided a strong backbone for the ASX to overcome technology weakness and finish nearly 0.8% higher – back up through 7400 in the process.
Another choppy open to trade this morning with the index jumping around at shadows and that really typified the rest of the day, the broader market finishing down -0.60% weighed by the IT & Energy stocks as the Christmas rally remains illusive for now.
The market finished marginally higher today although was down ~1% on the week thanks to weakness amongst the financials courtesy of CBA’s disappointing update. Over the course of the week, the Financial sector was off -3.6% while the materials fell by -1.62% making it a tough ask for the broader market, IT +2% & Healthcare +1.71% did an admirable job.
A choppy session for the ASX with the market trading in a reasonable ~60pt trading range, the worst of it was seen just after open with the mkt down ~30pts before a morning rally saw the market hit an 11.30am high up ~30pts before a choppy / weak afternoon played out. AGM season remains front and centre, today there was some hits and some misses while from a sector perspective, strength was seen primarily amongst the...
Another softer session for the market today thanks largely to a weaker than expected quarterly update from index heavyweight CBA which weighed heavily on the financial sector, plus for good measure the other barbell of the market - materials - also finished lower.
A poor session today for Aussie stocks with the market selling off throughout the session, again hitting its head on this stubborn wall of resistance ~7480 as weakness amongst the commodity stocks weighed on the broader market, although only one sector (IT) finishing in the green shows how broad based the decline was.
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