While the market was sharply lower overnight there was no sign of panic in the selling, volatility stayed low, credit spreads hardly moved and equities saw a large reversal in the last 30mins of the session. That positive undertone became obvious in Oz today with the market seeing the worst of it early on, the ASX200 hit key support ~7200 before bouncing +80pts to finish up on the day – a very good effort really and a sign that underlying strength remains alive and well in this market.
The ASX was hit ~2% today on concerns largely stemming from China, firstly towards the rout in Iron Ore prices which were down another ~10% today in Singapore if we look at shorter dated contracts (more on this below) while the Evergrande fiasco is also making people nervous. Today (and over the weekend) the linkages to a Lehman Brothers type moment have been everywhere and that’s clearly created some nervousness.
The market struggled into the weekend with the heavy weights of the banks and resources stocks trading lower. Iron ore and coal names were hit hard by more aggressive rhetoric out of China as well as the threat of further cuts to steel production hampering the demand outlook. Banks followed the weakness while tech ran it’s own race to trade strongly higher.
Energy stocks back in favour today underpinning strength in the broader market as 123 stocks in the ASX 200 finished up on the session delivering the markets best gain since early August. Consumer discretionary the only sector to finish lower while the materials were a mixed bag. Options expiry today always busy on the desk so a short & sharp note this afternoon.
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 ASX was hit ~2% today on concerns largely stemming from China, firstly towards the rout in Iron Ore prices which were down another ~10% today in Singapore if we look at shorter dated contracts (more on this below) while the Evergrande fiasco is also making people nervous. Today (and over the weekend) the linkages to a Lehman Brothers type moment have been everywhere and that’s clearly created some nervousness.
The market struggled into the weekend with the heavy weights of the banks and resources stocks trading lower. Iron ore and coal names were hit hard by more aggressive rhetoric out of China as well as the threat of further cuts to steel production hampering the demand outlook. Banks followed the weakness while tech ran it’s own race to trade strongly higher.
Energy stocks back in favour today underpinning strength in the broader market as 123 stocks in the ASX 200 finished up on the session delivering the markets best gain since early August. Consumer discretionary the only sector to finish lower while the materials were a mixed bag. Options expiry today always busy on the desk so a short & sharp note this afternoon.
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.
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