The market finished down today although the worst of it was seen before 11am - the ASX 200 down ~60pts at the lows before a spirited fightback saw it recoup 2/3rds of the early declines. Commodities + Energy the weak links today while another ~7% slide from AGL dragged down the Utilities sector. On the flipside Healthcare and IT did well although not well enough to make hump day a positive one.
The ASX was down early however a more dovish speech from RBA Governor Philip Lowe got the buyers off the sidelines pushing the market higher by the close. Again it was the Energy stocks that led the charge – an impressive ~4% gain and the sector looks great for higher levels in the near term – we’ve flagged this for a while and it’s been stubborn – then again so was Uranium before it popped!
The final hour of power as one trader on Bloomberg put it this afternoon with the ASX rallying +25points to close up on the day driven largely by the Energy & Material stocks. Uranium stocks on fire again today and plenty of queries from subscribers around our sale of Paladin (PDN) last week ~95c, was it too early? Maybe but we’ll likely get another chance in the sector in MM’s view however volumes are huge – hot money now finding it’s way there.
The ASX bounced back tentatively today recovering a third of yesterday’s decent decline – most buying in the Material stocks supported by IT and Energy which suits MM’s current positioning – healthcare lagged. Overall, a good session to end a soft week.
The market opened lower this morning and instead of buyers emerging into the dip we got the opposite with a consistent sell-off right across the market with 191 stocks from the ASX 200 closing lower on the day. All sectors finished in the RED however IT felt post pain down ~3%. Green was a scarce colour on the screen and aside from the VIX there were only two stocks that rose more than 1%, namely Resmed (RMD) & Whitehaven Coal (WHC).
The market opened on the backfoot again this morning with Futures down ~60pts early before rallying from the lows–it’s been the playbook for the last week it feels, although today we did finish below the session highs. COVID continues to dominate the news flow, the bickering between the States is getting old, FFS we don’t need political BS to end a pandemic that has cost so many people & businesses so much.
The market continued to follow a very similar path to home schooling in the Gerrish house hold of late, the low set in the morning – perhaps deeper than most feared before a recovery plays out later in the session and we close at the high point of the day. Today that was up just 1pt for the ASX 200 as the market continues to consolidate it’s recent ~200pt pullback. As we highlighted this morning, the previous pullback back in June / July took 6-weeks...
While a +5pt gain at the index level implies a lacklustre session, there was a lot happening under the hood + it was a major turnaround from early weakness which had the market hit a 7440 low before rallying unabated to close at 7528, a +88pt turnaround as the wall of money buys weakness. That is very typical of a strong market and while some will list all the entertaining reasons for a market top, the trend remains up and that’s all...
A solid end to the week with the ASX having a choppy but positive session on a beautiful spring day in Sydney. Resource stocks led the way today with the IT names lagged, a similar sort of session overseas last night with the cyclicals coming back into favour after stalling recently. The uranium stocks were on fire today while the rest of the commodity complex was strong. For the week, the ASX 200 added ~0.50% although there was significant influence from dividends.
A similar session to yesterday with the market opening sharply lower before fighting back throughout the day – the buy the dip mentality still very much alive and well. Two index heavyweights traded ex-dividend today, namely BHP & CSL and while the ASX 200 closed down 41points, ~30points of that move was dividend related.
The ASX was down early however a more dovish speech from RBA Governor Philip Lowe got the buyers off the sidelines pushing the market higher by the close. Again it was the Energy stocks that led the charge – an impressive ~4% gain and the sector looks great for higher levels in the near term – we’ve flagged this for a while and it’s been stubborn – then again so was Uranium before it popped!
The final hour of power as one trader on Bloomberg put it this afternoon with the ASX rallying +25points to close up on the day driven largely by the Energy & Material stocks. Uranium stocks on fire again today and plenty of queries from subscribers around our sale of Paladin (PDN) last week ~95c, was it too early? Maybe but we’ll likely get another chance in the sector in MM’s view however volumes are huge – hot money now finding it’s way there.
The ASX bounced back tentatively today recovering a third of yesterday’s decent decline – most buying in the Material stocks supported by IT and Energy which suits MM’s current positioning – healthcare lagged. Overall, a good session to end a soft week.
The market opened lower this morning and instead of buyers emerging into the dip we got the opposite with a consistent sell-off right across the market with 191 stocks from the ASX 200 closing lower on the day. All sectors finished in the RED however IT felt post pain down ~3%. Green was a scarce colour on the screen and aside from the VIX there were only two stocks that rose more than 1%, namely Resmed (RMD) & Whitehaven Coal (WHC).
The market opened on the backfoot again this morning with Futures down ~60pts early before rallying from the lows–it’s been the playbook for the last week it feels, although today we did finish below the session highs. COVID continues to dominate the news flow, the bickering between the States is getting old, FFS we don’t need political BS to end a pandemic that has cost so many people & businesses so much.
The market continued to follow a very similar path to home schooling in the Gerrish house hold of late, the low set in the morning – perhaps deeper than most feared before a recovery plays out later in the session and we close at the high point of the day. Today that was up just 1pt for the ASX 200 as the market continues to consolidate it’s recent ~200pt pullback. As we highlighted this morning, the previous pullback back in June / July took 6-weeks...
While a +5pt gain at the index level implies a lacklustre session, there was a lot happening under the hood + it was a major turnaround from early weakness which had the market hit a 7440 low before rallying unabated to close at 7528, a +88pt turnaround as the wall of money buys weakness. That is very typical of a strong market and while some will list all the entertaining reasons for a market top, the trend remains up and that’s all...
A solid end to the week with the ASX having a choppy but positive session on a beautiful spring day in Sydney. Resource stocks led the way today with the IT names lagged, a similar sort of session overseas last night with the cyclicals coming back into favour after stalling recently. The uranium stocks were on fire today while the rest of the commodity complex was strong. For the week, the ASX 200 added ~0.50% although there was significant influence from dividends.
A similar session to yesterday with the market opening sharply lower before fighting back throughout the day – the buy the dip mentality still very much alive and well. Two index heavyweights traded ex-dividend today, namely BHP & CSL and while the ASX 200 closed down 41points, ~30points of that move was dividend related.
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