The index closed lower for the 4th straight session, breaching the 8300 level but finding some support and bouncing 40 points off its lows, the ‘Santa Rally’ now well and truly in reverse with the market having retraced 3 weeks of gains.
A soft session locally with the kibosh put on a positive open mid-morning as employment data was stronger than expected casting a shadow over the RBA’s new found dovish stance, the market quickly bringing back the probability of a February cut to a coin toss.
It was all about rate expectations today after the RBA commentary yesterday afternoon, with limited news on the corporate front. Stocks sensitive to a cut crawled higher, and some of the more crowded trades reversed - real estate and consumer discretionary all alone in the green as the other nine sectors fell. The index moved lower from the opening bell and didn’t look like recovering.
An interesting session for the ASX today with some aggressive rotation out of the highflyers into the beaten-up miners following news of further Chinese stimulus.
The ASX sank early today down ~50pts by 11am before producing a very solid come-back to finish a whisker higher – a strong effort really ahead of the RBA decision on rates tomorrow and a mixed day for the banks with ANZ announcing a new CEO.
Some selling pressure swept across the ASX today with over 70% of the main board finishing lower. We’ve talked about the declining momentum on the upside, and while it’s too early to conclude the bullish trend is over, some consolidation at least wouldn’t surprise.
While the market continues to edge up, it’s becoming very stock specific and we are seeing some obvious loss of momentum in to fresh all-time highs. Some profit taking in banks becoming obvious while resources by in large remain friendless.
On a day that started off with some major transactions led by Goodman Group and ProMedicus, GDP data released mid-morning added fuel to a mixed session. Investors showed signs of exhaustion after pushing to all-time highs over the last few days, with property and banks largely responsible for dragging the index lower.
Another key milestone on two levels for the ASX 200 today with a new all-time high (8514) and the first time the benchmark has printed 8500, with 9/11 sectors making gains.
The market tried to break out again today with buying seen early only to falter as the day progressed, the index closing ~20pts below the highs and only mildly in the green, but still up and around all-time highs.
A soft session locally with the kibosh put on a positive open mid-morning as employment data was stronger than expected casting a shadow over the RBA’s new found dovish stance, the market quickly bringing back the probability of a February cut to a coin toss.
It was all about rate expectations today after the RBA commentary yesterday afternoon, with limited news on the corporate front. Stocks sensitive to a cut crawled higher, and some of the more crowded trades reversed - real estate and consumer discretionary all alone in the green as the other nine sectors fell. The index moved lower from the opening bell and didn’t look like recovering.
An interesting session for the ASX today with some aggressive rotation out of the highflyers into the beaten-up miners following news of further Chinese stimulus.
The ASX sank early today down ~50pts by 11am before producing a very solid come-back to finish a whisker higher – a strong effort really ahead of the RBA decision on rates tomorrow and a mixed day for the banks with ANZ announcing a new CEO.
Some selling pressure swept across the ASX today with over 70% of the main board finishing lower. We’ve talked about the declining momentum on the upside, and while it’s too early to conclude the bullish trend is over, some consolidation at least wouldn’t surprise.
While the market continues to edge up, it’s becoming very stock specific and we are seeing some obvious loss of momentum in to fresh all-time highs. Some profit taking in banks becoming obvious while resources by in large remain friendless.
On a day that started off with some major transactions led by Goodman Group and ProMedicus, GDP data released mid-morning added fuel to a mixed session. Investors showed signs of exhaustion after pushing to all-time highs over the last few days, with property and banks largely responsible for dragging the index lower.
Another key milestone on two levels for the ASX 200 today with a new all-time high (8514) and the first time the benchmark has printed 8500, with 9/11 sectors making gains.
The market tried to break out again today with buying seen early only to falter as the day progressed, the index closing ~20pts below the highs and only mildly in the green, but still up and around all-time highs.
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