Many global stocks continue to hover just below recently posted all-time highs e.g. S&P500 0.4%, UK FTSE 2.4%, German DAX 0.8% while the ASX200 is set to open this morning 3.7% below its August high. You have to cast your eyes across Asia before you find markets that make us look good from a comparative performance perspective but when you look under the hood of the ASX200 its easy to comprehend why we’ve struggled against some of our western peers i.e. over the last few months we’ve seen market heavyweights BHP Group (BHP), Westpac (WBC)...
The ASX200 managed to bounce yesterday even after a negative lead from Wall Street and ongoing weakness from the local Banking Sector with CBA already 11.5% below last weeks high, another 5% and it will become interesting to MM. There were no particular standouts on the sector front and only 3 stocks moved by over 5%, the market still remains comfortable in its 7300 – 7480 trading range and while our preference is a breakout to the upside it has been a touch frustrating how the ASX has ignored...
The ASX200 was clobbered 50-points yesterday courtesy of a disappointing result from CBA which plunged over 8% taking a whopping 45-points off the index all on its own – more on this later. The impact of a weak Banking Sector on the ASX was illustrated perfectly by the markets 0.68% decline even when 65% of stocks closed up on the day.
The ASX200 succumbed to broad based selling on Tuesday, only the IT Sector managed to close in positive territory while the resources led the declines - the stock and sector rotation continues almost day to day, anybody attempting to identify a clear trend looks destined for disappointment. As we often say the market will be there tomorrow and it usually tells us where it wants to go hence be patient and don’t force an opinion too firmly on this market while its treading water i.e. MM is still bullish while being conscious...
On Monday the ASX200 tried and failed yet again to break through the 7480 barrier, perhaps it will be 8th time lucky. By lunchtime yesterday it actually felt like the local market was going to break out above its October / November high but the buyers aggressive morning appetite faded after lunch although we still managed to close within 10-points of MM’s technical breakout level. We are mid-way through November and its range is less than half of the monthly average through 2021 which implies a break above 7480...
Global stocks are hovering around their all-time highs impressively ignoring a sharp move higher by inflation and subsequent surge in global bond yields, most subscribers probably have a handle on the numbers by now:
The ASX200 saw some standout sector reversion yesterday plus some rare selling in the futures market following weak local employment data, ultimately we saw the index fall 0.57% as the broad based selling led to almost 70% of the index close in the red. The iron ore stocks offered some rare strength to the index while weakness was noticeably endured in the Healthcare, Energy and IT Sectors. The choppy price action continues with the index trading in an almost 100-point range on Thursday before closing almost smack bang in the middle of the day’s action while sectors that have been...
The ASX200 again succumbed to selling into early morning strength as we followed US S&P500 futures lower throughout the day, considering their 0.4% decline by 4pm AEST a small 0.1% dip by the local market was fairly encouraging, especially as iron ore plunged almost 8% at one stage weighing on both sentiment and related stocks. Fortunately from an index perspective the influential banks were strong and 40% of the market still managed to close in positive territory. The markets look and feel remains the same which is no surprise considering the ASX remains unchanged...
The ASX200 faded away yesterday following a common path over recent weeks, every time the ASX200 knocks on the 7475 door it gets sold off, no longer surprising or new – at yesterdays close the local index had only bounced 4% from its October low compared to the US S&P500’s impressive 10% rally to fresh highs. The US feels like it’s now due a rest posing the question can we buck any weakness after ignoring the strength, it does happen sometimes. The problem was 2-fold yesterday:
The ASX200 again faltered at the 7475 level yesterday, from a technical perspective the pictures getting clearer by the day – when / if the ASX200 closes above 7475 it’s a great buy targeting fresh highs with stops under 7440, excellent risk / reward for the trader. However at MM we are “Active Investors” and as such we’re more focused staying fully committed to stocks until we lose our bullish stance and advocate moving further down the risk curve. The price action yesterday felt more like a lack of buying into strength as opposed to meaningful selling as a number of stocks, courtesy of low volumes, swung around in a fairly exaggerated manner for a day when the index fell less than 0.1%:
The ASX200 managed to bounce yesterday even after a negative lead from Wall Street and ongoing weakness from the local Banking Sector with CBA already 11.5% below last weeks high, another 5% and it will become interesting to MM. There were no particular standouts on the sector front and only 3 stocks moved by over 5%, the market still remains comfortable in its 7300 – 7480 trading range and while our preference is a breakout to the upside it has been a touch frustrating how the ASX has ignored...
The ASX200 was clobbered 50-points yesterday courtesy of a disappointing result from CBA which plunged over 8% taking a whopping 45-points off the index all on its own – more on this later. The impact of a weak Banking Sector on the ASX was illustrated perfectly by the markets 0.68% decline even when 65% of stocks closed up on the day.
The ASX200 succumbed to broad based selling on Tuesday, only the IT Sector managed to close in positive territory while the resources led the declines - the stock and sector rotation continues almost day to day, anybody attempting to identify a clear trend looks destined for disappointment. As we often say the market will be there tomorrow and it usually tells us where it wants to go hence be patient and don’t force an opinion too firmly on this market while its treading water i.e. MM is still bullish while being conscious...
On Monday the ASX200 tried and failed yet again to break through the 7480 barrier, perhaps it will be 8th time lucky. By lunchtime yesterday it actually felt like the local market was going to break out above its October / November high but the buyers aggressive morning appetite faded after lunch although we still managed to close within 10-points of MM’s technical breakout level. We are mid-way through November and its range is less than half of the monthly average through 2021 which implies a break above 7480...
Global stocks are hovering around their all-time highs impressively ignoring a sharp move higher by inflation and subsequent surge in global bond yields, most subscribers probably have a handle on the numbers by now:
The ASX200 saw some standout sector reversion yesterday plus some rare selling in the futures market following weak local employment data, ultimately we saw the index fall 0.57% as the broad based selling led to almost 70% of the index close in the red. The iron ore stocks offered some rare strength to the index while weakness was noticeably endured in the Healthcare, Energy and IT Sectors. The choppy price action continues with the index trading in an almost 100-point range on Thursday before closing almost smack bang in the middle of the day’s action while sectors that have been...
The ASX200 again succumbed to selling into early morning strength as we followed US S&P500 futures lower throughout the day, considering their 0.4% decline by 4pm AEST a small 0.1% dip by the local market was fairly encouraging, especially as iron ore plunged almost 8% at one stage weighing on both sentiment and related stocks. Fortunately from an index perspective the influential banks were strong and 40% of the market still managed to close in positive territory. The markets look and feel remains the same which is no surprise considering the ASX remains unchanged...
The ASX200 faded away yesterday following a common path over recent weeks, every time the ASX200 knocks on the 7475 door it gets sold off, no longer surprising or new – at yesterdays close the local index had only bounced 4% from its October low compared to the US S&P500’s impressive 10% rally to fresh highs. The US feels like it’s now due a rest posing the question can we buck any weakness after ignoring the strength, it does happen sometimes. The problem was 2-fold yesterday:
The ASX200 again faltered at the 7475 level yesterday, from a technical perspective the pictures getting clearer by the day – when / if the ASX200 closes above 7475 it’s a great buy targeting fresh highs with stops under 7440, excellent risk / reward for the trader. However at MM we are “Active Investors” and as such we’re more focused staying fully committed to stocks until we lose our bullish stance and advocate moving further down the risk curve. The price action yesterday felt more like a lack of buying into strength as opposed to meaningful selling as a number of stocks, courtesy of low volumes, swung around in a fairly exaggerated manner for a day when the index fell less than 0.1%:
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