The ASX 200 broke out this morning, up through 7200 to hit a morning peak of 7226, but the gains were forfeited as the session wore on - the market closed flat on the day, coming off the back of a strong week. Not a lot on the docket to drive stocks, some bits and pieces on the corporate front but a fairly muted session on low volumes.
The market opened on the backfoot, down early, before rallying ~50pts into the close to finish at session highs, clearly a bullish tone to end the week with the solid intra-day move. The lack of selling as December wears on is the theme we’ve been highlighting in recent reports with a few examples taking shape in recent sessions.
There wasn’t much on offer for the ASX today, a much calmer session after the fireworks of yesterday. Shares traded in a tight ~30pts range with a strong rally through the afternoon seeing it close marginally lower.
Stocks enjoyed the best one-day jump in over a year today as peak rates met solid but not spectacular growth numbers supporting the ‘goldilocks’ economic scenario, which is very bullish equities if it comes off. The ASX recouped all of yesterday’s losses and some as we experienced a bottom left, top right sort of day, sessions like this are what equity investing is all about!
Futures were pricing a decline of ~40pts this morning however the market fell double that ahead of the RBA decision on interest rates – which were kept on hold as expected – before stocks had a slight whimper into the close.
A very solid start to the new week, particularly for resources, IT and property stocks as they key off more market-friendly rhetoric from the US Federal Reserve before the RBA’s Michelle Bullock steps up to the plate tomorrow, with the consensus call of no change one that Market Matters agrees with.
A choppy day to kick off the first day of the month with the market soft early, the ASX200 down ~40pts at the lows only to recover most of the declines before the close – not a bad effort for a Friday and another sign that markets have a bullish tone to them after a great November. The ASX200 managed a gain of 32pts/+0.46% this week, Tech and Healthcare the standouts.
The trend for the week was broken today with the market down early before rallying ~60 points as it squeezed up into month end with an MSCI Index rebalance thrown into the mix as well – the market is starting to get that ‘Christmas squeeze’ vibe about it, the ASX 200 up 4.52% for the month of November, recouping a large proportion of the declines from the September / October, the net result is a total return of -1.4% for the tumultuous period.
Rinse & repeat, the trend for the week thus far as the market opens in an optimistic tone only to see selling pick up throughout the session – not even an improving inflation picture was enough to sustain early optimism, the best of the gains seen before midday.
A similar sort of session to yesterday played out today with the best of it seen early, although we started from a higher level with strong buying on open seeing the index +60 points not long after the bell, before sellers emerged cutting those gains in half.
The market opened on the backfoot, down early, before rallying ~50pts into the close to finish at session highs, clearly a bullish tone to end the week with the solid intra-day move. The lack of selling as December wears on is the theme we’ve been highlighting in recent reports with a few examples taking shape in recent sessions.
There wasn’t much on offer for the ASX today, a much calmer session after the fireworks of yesterday. Shares traded in a tight ~30pts range with a strong rally through the afternoon seeing it close marginally lower.
Stocks enjoyed the best one-day jump in over a year today as peak rates met solid but not spectacular growth numbers supporting the ‘goldilocks’ economic scenario, which is very bullish equities if it comes off. The ASX recouped all of yesterday’s losses and some as we experienced a bottom left, top right sort of day, sessions like this are what equity investing is all about!
Futures were pricing a decline of ~40pts this morning however the market fell double that ahead of the RBA decision on interest rates – which were kept on hold as expected – before stocks had a slight whimper into the close.
A very solid start to the new week, particularly for resources, IT and property stocks as they key off more market-friendly rhetoric from the US Federal Reserve before the RBA’s Michelle Bullock steps up to the plate tomorrow, with the consensus call of no change one that Market Matters agrees with.
A choppy day to kick off the first day of the month with the market soft early, the ASX200 down ~40pts at the lows only to recover most of the declines before the close – not a bad effort for a Friday and another sign that markets have a bullish tone to them after a great November. The ASX200 managed a gain of 32pts/+0.46% this week, Tech and Healthcare the standouts.
The trend for the week was broken today with the market down early before rallying ~60 points as it squeezed up into month end with an MSCI Index rebalance thrown into the mix as well – the market is starting to get that ‘Christmas squeeze’ vibe about it, the ASX 200 up 4.52% for the month of November, recouping a large proportion of the declines from the September / October, the net result is a total return of -1.4% for the tumultuous period.
Rinse & repeat, the trend for the week thus far as the market opens in an optimistic tone only to see selling pick up throughout the session – not even an improving inflation picture was enough to sustain early optimism, the best of the gains seen before midday.
A similar sort of session to yesterday played out today with the best of it seen early, although we started from a higher level with strong buying on open seeing the index +60 points not long after the bell, before sellers emerged cutting those gains in half.
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