The ASX200 put in another solid performance yesterday to start off the week by ignoring Fridays 500-point plunge by the Dow to close up an impressive 0.4%, as we’ve said previously the more time the index can consolidate above 7200 the higher our conviction becomes that it can test 7600 in the coming months. However yesterday’s buying wasn’t broad based with only 42% of the index closing in positive territory but when the banks are extremely strong it usually translates to gains in the index e.g. Westpac (WBC) rallied +4.8%. We feel like the ASX wants to rally but overseas jitters around...
By the end of last week we saw the Ukraine takeover from inflation as the main driver of market sentiment & focus. Local equities managed to finish the week with reasonable gains but US indices succumbed to increasing tensions between Vladimir Putin and most of the developed world with Fridays losses dragging indices into negative territory for the week. The huge swing in investors / traders focus was most noticeable in bond yields:
The ASX200 rallied 0.3% on Thursday although unfortunately it lost around 70% of its early morning gains as profit taking appeared to roll through the broad market with over half of the market finally closing down on the day. The local index has already rallied 2.3% this week and 4.5% this month hence its not surprising a few nervous investors / traders took some money from the table, remember it was only 2-weeks ago the market was in the middle of an 11% plunge that had most commentators discussing bear markets. Our best guess is the index now consolidates recent gyrations in the 7200-7400 region but overall our preference is...
The ASX200 rallied strongly yesterday following a good result and subsequent surge by Commonwealth Bank (CBA) – the company beat market expectations by around 5% which led to a 5.6% advance by Australia’s 2nd largest stock. The bank will be trading ex-dividend, $1.75 fully franked next week which must be very tempting for the yield hungry investors. The sentiment which emanated from CBA’s result was far reaching with 87% of stocks posting gains, only the Energy & Materials Sectors slipped slightly after...
Tuesday saw the ASX200 rally over 1% with more than 70% of the index closing in positive territory but it was the gains in the stocks / sectors where it mattered that pushed the index back towards 7200 i.e. the banks, BHP and CSL all rallied which outweighed another weak session by some tech names. BHP now makes up more than 10% of the ASX200 and its 18.5% rally in 2022, supported by gains in iron ore & energy, has certainly cushioned the falls in the tech space.
The ASX200 put in another solid performance yesterday to rally over 60-points from its mid-morning low to close down just 0.1%, bargain hunters continue to surface when we see limited negative leads from US futures although a couple of times during our session we saw how easily the local market gets spooked when the S&P500 futures started to edge lower i.e. this definitely remains a nervous market. The Energy Sector was again the top performer rallying 1.6% while the Healthcare and Real Estate Sectors...
Last week saw 2 major macro headwinds weigh on stocks but overall we felt risk assets held up extremely well with the ASX200 & S&P500 both managing to rally 1.8% even as investors became more nervous & twitchy by the day. While confidence is certainly mixed MM sticks with our view that equities have found or are “looking for” a low albeit one which might only last a few months:
We felt the ASX200 put in a stellar performance on Thursday to fall less than 10-poinst as US futures fell away during our time zone – poor results from the likes of Meta Platforms, the old Facebook (FB US), and Spotify (SPOT US) after the US market closed more than reversed the gains during their day session e.g. Mark Zuckerberg’s Meta Platforms (FB US) was already down well over 20% in New York late trade. The ASX Tech Sector followed the negative US lead closing the day down 5.9%, by far the worst performer – more on this later.
The ASX200 rallied strongly yesterday extending early morning gains on broad based buying that saw over 80% of the index rally – the Energy sector led yet again which has a feeling about it that underweight fund managers are slowly capitulating as crude oil continues to post fresh 7-year highs hence they’re simply missing out, the perfect recipe for a quick sharp rally. Wednesday actually had a surprisingly steady feel about it considering the index rallied over 80-points as buying was consistent but not impulsive as was enjoyed across...
Tuesday saw the ASX200 rally 0.5% on broad based buying with over 80% of the index closing in positive territory, unfortunately some fairly aggressive profit taking in the heavyweight iron ore miners reigned in the gains. The interest rate sensitive Tech and Utilities Sectors led the line as rising bond yields / inflation is slowly becoming old news. The RBA stepped up to the plate yesterday, the news was largely expected which was illustrated perfectly by the markets deepest and most liquid markets:
By the end of last week we saw the Ukraine takeover from inflation as the main driver of market sentiment & focus. Local equities managed to finish the week with reasonable gains but US indices succumbed to increasing tensions between Vladimir Putin and most of the developed world with Fridays losses dragging indices into negative territory for the week. The huge swing in investors / traders focus was most noticeable in bond yields:
The ASX200 rallied 0.3% on Thursday although unfortunately it lost around 70% of its early morning gains as profit taking appeared to roll through the broad market with over half of the market finally closing down on the day. The local index has already rallied 2.3% this week and 4.5% this month hence its not surprising a few nervous investors / traders took some money from the table, remember it was only 2-weeks ago the market was in the middle of an 11% plunge that had most commentators discussing bear markets. Our best guess is the index now consolidates recent gyrations in the 7200-7400 region but overall our preference is...
The ASX200 rallied strongly yesterday following a good result and subsequent surge by Commonwealth Bank (CBA) – the company beat market expectations by around 5% which led to a 5.6% advance by Australia’s 2nd largest stock. The bank will be trading ex-dividend, $1.75 fully franked next week which must be very tempting for the yield hungry investors. The sentiment which emanated from CBA’s result was far reaching with 87% of stocks posting gains, only the Energy & Materials Sectors slipped slightly after...
Tuesday saw the ASX200 rally over 1% with more than 70% of the index closing in positive territory but it was the gains in the stocks / sectors where it mattered that pushed the index back towards 7200 i.e. the banks, BHP and CSL all rallied which outweighed another weak session by some tech names. BHP now makes up more than 10% of the ASX200 and its 18.5% rally in 2022, supported by gains in iron ore & energy, has certainly cushioned the falls in the tech space.
The ASX200 put in another solid performance yesterday to rally over 60-points from its mid-morning low to close down just 0.1%, bargain hunters continue to surface when we see limited negative leads from US futures although a couple of times during our session we saw how easily the local market gets spooked when the S&P500 futures started to edge lower i.e. this definitely remains a nervous market. The Energy Sector was again the top performer rallying 1.6% while the Healthcare and Real Estate Sectors...
Last week saw 2 major macro headwinds weigh on stocks but overall we felt risk assets held up extremely well with the ASX200 & S&P500 both managing to rally 1.8% even as investors became more nervous & twitchy by the day. While confidence is certainly mixed MM sticks with our view that equities have found or are “looking for” a low albeit one which might only last a few months:
We felt the ASX200 put in a stellar performance on Thursday to fall less than 10-poinst as US futures fell away during our time zone – poor results from the likes of Meta Platforms, the old Facebook (FB US), and Spotify (SPOT US) after the US market closed more than reversed the gains during their day session e.g. Mark Zuckerberg’s Meta Platforms (FB US) was already down well over 20% in New York late trade. The ASX Tech Sector followed the negative US lead closing the day down 5.9%, by far the worst performer – more on this later.
The ASX200 rallied strongly yesterday extending early morning gains on broad based buying that saw over 80% of the index rally – the Energy sector led yet again which has a feeling about it that underweight fund managers are slowly capitulating as crude oil continues to post fresh 7-year highs hence they’re simply missing out, the perfect recipe for a quick sharp rally. Wednesday actually had a surprisingly steady feel about it considering the index rallied over 80-points as buying was consistent but not impulsive as was enjoyed across...
Tuesday saw the ASX200 rally 0.5% on broad based buying with over 80% of the index closing in positive territory, unfortunately some fairly aggressive profit taking in the heavyweight iron ore miners reigned in the gains. The interest rate sensitive Tech and Utilities Sectors led the line as rising bond yields / inflation is slowly becoming old news. The RBA stepped up to the plate yesterday, the news was largely expected which was illustrated perfectly by the markets deepest and most liquid markets:
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