The ASX200 again posted new all-time highs yesterday, local stocks continue to march ever higher with IT and Banking the backbone of the Tuesdays +0.3% gain. The local market continues to follow the rhythm of the rally which commenced back in February, we’ve now seen the local market appreciate over 1000-points / 16% in just 7-months with our target for this August ~7650 but until further notice the most important...
The ASX200 tried hard to rally yesterday but the selling across the “re-opening trade” and Resources Sector offset the strength in the Banking Sector, pretty much in line with our expectations flagged in yesterday’s report. MM has been bullish the banks for months and yesterday saw the Insurance Sector join the “rising bond yield” party, we like both the Banking & Insurance Sectors at this stage of the bond yield cycle although our medium-term target for Commonwealth Bank (CBA) is now only 5% away as we...
The ASX200 has surged out of the blocks to kick off August, following gains by the SPI on Friday it’s poised to open around 7570 this morning, up around 150-points / 2% after just 9-days - remember if we maintain the rhythm of 2021 the index should test 7650-7700 this month. Last weeks gains were broad based with only the Resources Sector closing lower while the combination of strong financials and soaring tech stocks contributed the most to our gains, we believe the banks et al will lead the performance this week assuming Commonwealth Bank (CBA) reports well on Wednesday.
Thursday delivered a steady session for the ASX200 which finally closed at another new all-time high although it didn’t feel like that sort of day with no stocks moving in either direction by more than 3.5%. If we were to try and dissect the meagre +0.1% advance it would be a case of gains by the Banks and Real Estate stocks was more than enough to offset losses in the Resources names. The market feels like it’s slowly starting to accept the new 7500 handle just as it did 7200-7400 and 6900-7100 trading ranges earlier in the year.
The ASX200 enjoyed a solid session on Wednesday basically closing on its all-time high, although only 55% of stocks rallied when the major banks and miners advance it’s going to be another win for the bulls. Fresh bad news is rapidly becoming increasingly thin on the ground clearing the way for further gains into Christmas for an index which has already rallied +13.9% so far this year. At MM we are bullish equities with the path of least resistance clearly to the upside, a few other additional statistics to the ones recently mentioned are also catching our attention:
The ASX200 drifted lower yesterday although it was primarily a lacklustre session by the banks which caused the -0.2% decline. Under-the-hood the local tech space remained the hot place to be after being ignited by the $39bn takeover bid for Afterpay (APT) on Monday, the biggest corporate play in history, perhaps we’re finally going to see the local IT stocks address their major underperformance when compared to the US FANG’s & Co through 2021 – more on that later.
The ASX200 open well as expected yesterday but for a pleasant change it continued to rally strongly with 80% of the market closing up on the day. There were a number of obvious standouts on Monday including the $39bn bid for Afterpay (APT) and Santos (STO) raising their offer for Oil Search (OSH) but a few other less obvious moves also caught our attention:
The ASX200 waved goodbye to July in lacklustre fashion on Friday, the first month of FY21/22 only managed to travel a meagre 79-pints / 1.1% to ultimately close down just 2-points, it felt like a quiet choppy almost “nothing like” month and ultimately that’s exactly what it was on the index level although there were a view interestingly developments unfolding beneath the hood:
The ASX200 performed another 180 degree pirouette yesterday, one which was almost good enough for the Tokyo Games! The market continues to remind me of a washing machine spinning stocks and sectors in almost random direction with the underlying upside bias the only constant. The Tech stocks were best on ground yesterday after struggling on Wednesday, every stock in the sector...
The ASX200 struggled yesterday in the face of broad based selling which ended with 70% of stocks closing lower by the end of the session. On the sector level the unusual combination of IT & Energy stocks bore the brunt of the selling although the big 3 of CBA, CSL and BHP falling an average of -1.3% had the largest impact on the underlying index. If recent history repeats itself we will be making fresh all-time highs by the start of August but Wednesdays weakness...
The ASX200 tried hard to rally yesterday but the selling across the “re-opening trade” and Resources Sector offset the strength in the Banking Sector, pretty much in line with our expectations flagged in yesterday’s report. MM has been bullish the banks for months and yesterday saw the Insurance Sector join the “rising bond yield” party, we like both the Banking & Insurance Sectors at this stage of the bond yield cycle although our medium-term target for Commonwealth Bank (CBA) is now only 5% away as we...
The ASX200 has surged out of the blocks to kick off August, following gains by the SPI on Friday it’s poised to open around 7570 this morning, up around 150-points / 2% after just 9-days - remember if we maintain the rhythm of 2021 the index should test 7650-7700 this month. Last weeks gains were broad based with only the Resources Sector closing lower while the combination of strong financials and soaring tech stocks contributed the most to our gains, we believe the banks et al will lead the performance this week assuming Commonwealth Bank (CBA) reports well on Wednesday.
Thursday delivered a steady session for the ASX200 which finally closed at another new all-time high although it didn’t feel like that sort of day with no stocks moving in either direction by more than 3.5%. If we were to try and dissect the meagre +0.1% advance it would be a case of gains by the Banks and Real Estate stocks was more than enough to offset losses in the Resources names. The market feels like it’s slowly starting to accept the new 7500 handle just as it did 7200-7400 and 6900-7100 trading ranges earlier in the year.
The ASX200 enjoyed a solid session on Wednesday basically closing on its all-time high, although only 55% of stocks rallied when the major banks and miners advance it’s going to be another win for the bulls. Fresh bad news is rapidly becoming increasingly thin on the ground clearing the way for further gains into Christmas for an index which has already rallied +13.9% so far this year. At MM we are bullish equities with the path of least resistance clearly to the upside, a few other additional statistics to the ones recently mentioned are also catching our attention:
The ASX200 drifted lower yesterday although it was primarily a lacklustre session by the banks which caused the -0.2% decline. Under-the-hood the local tech space remained the hot place to be after being ignited by the $39bn takeover bid for Afterpay (APT) on Monday, the biggest corporate play in history, perhaps we’re finally going to see the local IT stocks address their major underperformance when compared to the US FANG’s & Co through 2021 – more on that later.
The ASX200 open well as expected yesterday but for a pleasant change it continued to rally strongly with 80% of the market closing up on the day. There were a number of obvious standouts on Monday including the $39bn bid for Afterpay (APT) and Santos (STO) raising their offer for Oil Search (OSH) but a few other less obvious moves also caught our attention:
The ASX200 waved goodbye to July in lacklustre fashion on Friday, the first month of FY21/22 only managed to travel a meagre 79-pints / 1.1% to ultimately close down just 2-points, it felt like a quiet choppy almost “nothing like” month and ultimately that’s exactly what it was on the index level although there were a view interestingly developments unfolding beneath the hood:
The ASX200 performed another 180 degree pirouette yesterday, one which was almost good enough for the Tokyo Games! The market continues to remind me of a washing machine spinning stocks and sectors in almost random direction with the underlying upside bias the only constant. The Tech stocks were best on ground yesterday after struggling on Wednesday, every stock in the sector...
The ASX200 struggled yesterday in the face of broad based selling which ended with 70% of stocks closing lower by the end of the session. On the sector level the unusual combination of IT & Energy stocks bore the brunt of the selling although the big 3 of CBA, CSL and BHP falling an average of -1.3% had the largest impact on the underlying index. If recent history repeats itself we will be making fresh all-time highs by the start of August but Wednesdays weakness...
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