The intra-day trend (chart below) shows the impact of low volumes, and as one trader said today, it’s great to see the ASX also celebrates Thanksgiving! Strength early, weakness late but a positive session to cap off a fairly flat week for stocks.
Weakness across resources weighed on the ASX200 today with Iron ore taking a breather from its recent rally and oil markets on the back foot as OPEC uncertainty weighs on Energy markets. Volume was light and is expected to remain so into the weekend given the US Thanksgiving Holiday takes place tonight. With little reason to make a conviction call today and a large portion of the index facing a commodity headwind, the index closed on session lows.
The best of it was seen early today with the index pushing up on open, only to lose steam from midday onwards and trickle lower into the close – still, there is not a lot of new impetus to sell the market, and as one fund manager we had lunch with today who looks after $10bn+ said, volumes are becoming tough when moving around the market at size, in other words, it’s paying to be smaller and nimble in this environment.
A solid session for the ASX today and as John Bowie Wilson (JBW) exclaimed on the desk, the market doesn’t look like it wants to go down! Resources back in favour with some good moves across the sector, particularly in the commodities we like (Copper, Uranium & Gold) which suits current portfolio positioning, while as we alluded to this morning, Tech is starting to look a bit tired.
A quiet Monday to kick off the new trading week with the index failing to live up to the levels implied by SPI Futures on Saturday morning. A tick over 50% of the main board traded higher, however it was a session void of any real impetus in either direction – Banks up a touch, resources mixed and a bit chop-chop elsewhere!
A muted finish to the week with winners and losers split fairly evenly on the ASX200. Materials were on the winning side, supported by strength in iron ore and gold, offset by further weakness in Energy which continued to slide on higher crude inventory levels in the US. The main index finished the week up +72pts / +1.05%, a strong result particularly given the sizable ex-dividends from NAB & ANZ.
Traders faded yesterday’s surge in equities, giving back just shy of half of the gains seen in Wednesday’s session. Energy was under pressure on reports of higher crude inventory levels in the US while strong local Employment data took the shine off Tech and Real Estate.
A ‘risk on’ session washed over the ASX today with stocks enjoying a softer inflation read from the US overnight and a subsequent drop in bond yields – markets are pricing out further interest rate hikes, and starting to price in a higher potential for cuts. The market opened well this morning, peaked at midday and while we finished ~20pts off the session highs, all sectors finished higher with over 80% of stocks on the main board in the green.
Equities regained their mojo today after two softer sessions either side of the weekend, the ASX200 popping back above the 7000 an a broad-based rally with more than 80% of the index finishing higher though strong contributions from the resources sectors was key. Energy in particular was strong following OPEC releasing forecasts for oil demand to increase by 2.5mbboe a day helping to stem the weakness in a sector that has been under pressure.
A poor session to kick off the new trading week with the ASX snubbing the strength in the US on Friday night while latching onto any negative rhetoric locally that progressively weighed on the index throughout the day – finishing smack on session lows, not a great look!
Weakness across resources weighed on the ASX200 today with Iron ore taking a breather from its recent rally and oil markets on the back foot as OPEC uncertainty weighs on Energy markets. Volume was light and is expected to remain so into the weekend given the US Thanksgiving Holiday takes place tonight. With little reason to make a conviction call today and a large portion of the index facing a commodity headwind, the index closed on session lows.
The best of it was seen early today with the index pushing up on open, only to lose steam from midday onwards and trickle lower into the close – still, there is not a lot of new impetus to sell the market, and as one fund manager we had lunch with today who looks after $10bn+ said, volumes are becoming tough when moving around the market at size, in other words, it’s paying to be smaller and nimble in this environment.
A solid session for the ASX today and as John Bowie Wilson (JBW) exclaimed on the desk, the market doesn’t look like it wants to go down! Resources back in favour with some good moves across the sector, particularly in the commodities we like (Copper, Uranium & Gold) which suits current portfolio positioning, while as we alluded to this morning, Tech is starting to look a bit tired.
A quiet Monday to kick off the new trading week with the index failing to live up to the levels implied by SPI Futures on Saturday morning. A tick over 50% of the main board traded higher, however it was a session void of any real impetus in either direction – Banks up a touch, resources mixed and a bit chop-chop elsewhere!
A muted finish to the week with winners and losers split fairly evenly on the ASX200. Materials were on the winning side, supported by strength in iron ore and gold, offset by further weakness in Energy which continued to slide on higher crude inventory levels in the US. The main index finished the week up +72pts / +1.05%, a strong result particularly given the sizable ex-dividends from NAB & ANZ.
Traders faded yesterday’s surge in equities, giving back just shy of half of the gains seen in Wednesday’s session. Energy was under pressure on reports of higher crude inventory levels in the US while strong local Employment data took the shine off Tech and Real Estate.
A ‘risk on’ session washed over the ASX today with stocks enjoying a softer inflation read from the US overnight and a subsequent drop in bond yields – markets are pricing out further interest rate hikes, and starting to price in a higher potential for cuts. The market opened well this morning, peaked at midday and while we finished ~20pts off the session highs, all sectors finished higher with over 80% of stocks on the main board in the green.
Equities regained their mojo today after two softer sessions either side of the weekend, the ASX200 popping back above the 7000 an a broad-based rally with more than 80% of the index finishing higher though strong contributions from the resources sectors was key. Energy in particular was strong following OPEC releasing forecasts for oil demand to increase by 2.5mbboe a day helping to stem the weakness in a sector that has been under pressure.
A poor session to kick off the new trading week with the ASX snubbing the strength in the US on Friday night while latching onto any negative rhetoric locally that progressively weighed on the index throughout the day – finishing smack on session lows, not a great look!
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