The market tracked lower again today however the selling is far from aggressive – it’s more a trickle lower on lack of interest rather than anything more bearish at this stage.
A quieter start to a big week with the ASX oscillating around par for most of the session, around 65% of the market closing lower today and only one lone sector (materials) finishing in the black.
Volatility kicked up this week with weakness early on overcome by strength late, overall though the market was very little changed in aggregate which is a good result.
The market built on its ~90pt turnaround from yesterday’s low to add another ~57 points today as the sellers all but disappeared, giving way to some impressive moves, particularly in stocks that have struggled in recent times.
A weak session for the ASX today as the market pulled back from recent highs, the IT & Energy sectors i.e. the growth / risk related areas were the weakest while we actually saw a number of sectors end the session higher.
The market snapped its winning streak today with IT stocks feeling the most pain, although a drop of ~1 % is hardly a concern given the sector is up ~13% so far in April.
A fairly quiet start to the week locally with the market oscillating in a tight ~30pt trading range, my ‘gut feel’ still implies the market is losing momentum, however there’s no obvious sell signals in place (yet). Resource stocks enjoyed another strong session followed by utilities while Energy was the biggest drag down more than 1%.
Another quiet end to the week with the market closing marginally higher. China data was the main focus of the day with GDP missing estimates at18.3% vs 18.5% expected YoY.
Buyers were out in force today helping the local index recover an early dip before pushing on to a new 12 month high. Energy was clearly the standout with a number of market commentators talking up the demand piece overnight.
A quieter start to a big week with the ASX oscillating around par for most of the session, around 65% of the market closing lower today and only one lone sector (materials) finishing in the black.
Volatility kicked up this week with weakness early on overcome by strength late, overall though the market was very little changed in aggregate which is a good result.
The market built on its ~90pt turnaround from yesterday’s low to add another ~57 points today as the sellers all but disappeared, giving way to some impressive moves, particularly in stocks that have struggled in recent times.
A weak session for the ASX today as the market pulled back from recent highs, the IT & Energy sectors i.e. the growth / risk related areas were the weakest while we actually saw a number of sectors end the session higher.
The market snapped its winning streak today with IT stocks feeling the most pain, although a drop of ~1 % is hardly a concern given the sector is up ~13% so far in April.
A fairly quiet start to the week locally with the market oscillating in a tight ~30pt trading range, my ‘gut feel’ still implies the market is losing momentum, however there’s no obvious sell signals in place (yet). Resource stocks enjoyed another strong session followed by utilities while Energy was the biggest drag down more than 1%.
Another quiet end to the week with the market closing marginally higher. China data was the main focus of the day with GDP missing estimates at18.3% vs 18.5% expected YoY.
Buyers were out in force today helping the local index recover an early dip before pushing on to a new 12 month high. Energy was clearly the standout with a number of market commentators talking up the demand piece overnight.
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