The ASX200 again posted all-time highs last week as a little profit taking in the banks was more than offset by broad based buying across the market led by the IT Sector as bond yields slipped lower removing the headwind which has been suppressing the growth stocks through most of 2021 – our focus today will be on these very same bond yields which have dictated the sector rotation over the last 6-months.
The ASX200 continues to hover around the 7300 area with stock / sector rotation still the main game in town, Thursday saw funds drift out of the banks and resources into the beneficiaries of lower interest rate such as IT,
The ASX200 started to show a few hairline cracks yesterday with strength early on sold into as ~60% of the index finished lower after hitting another all-time high at 7334.
The ASX200 continues to rally steadily with the seasonal concerns around May well and truly behind us, since Februarys low ~6500 the index has gained well over 3% p.m. with no obvious end in sight, if anything the moves gathering momentum after clearing the 7000 hurdle. Tuesdays 10-point gain wasn’t particularly exciting but with meaningful sellers remaining firmly on the sidelines it’s more a matter of which sectors drag us higher with the IT & Healthcare stocks more recently best on ground i.e. the growth plays.
The ASX200 again scaled fresh all-time highs on Monday but on a day when the banks struggled following regulator AUSTRAC’s investigation into money laundering at National Australia Bank (NAB) it was one step too far for the index to close above 7300.
This morning the ASX200 appears poised to again test the 7300 area, if we assume the local index has already seen its low for June and the last couple of months have set the benchmark for the current breakout by Australian stocks investors should expect to see a test of 7400 in the coming weeks, a move that shouldn’t be hard to comprehend as the banks maintain their bullish charge, the average gain of the “Big 4” in 2021 is already over 28%, and that’s before we even consider their attractive dividends.
The ASX200 keeps posting fresh all-time highs almost as often a day ends with a “y”, earlier this quarter MM was optimistically discussing the major Australian benchmark breaching 7000 but around midday on Thursday 7300 was feeling more likely.
The ASX200 continues to grind higher posting new all-time highs on an almost weekly basis, Wednesdays 75-point rally was a strong broad based performance with over 70% of stocks closing higher led by the energy names while being well supported by the miners and banks.
On Monday the ASX200 again enjoyed decent buying surface into early weakness, the index ultimately recovered well over 50% of its mid-morning losses, even though over 60% of stocks still closed down on the day.
The ASX200 had a fairly quiet end to May as yet again it failed to push through its trend line resistance which has contained the markets advance since November of 2020. Ultimately local stocks reversed early gains to close down -0.25% with only the Healthcare & Gold sectors contributing any noticeable support. Even Commonwealth Bank (CBA) closed lower after posting a fresh all-time high at $101.50 – I’ll go out on a small limb here and call CBA to retrace ~5% from yesterday’s high, a point of interest no more as we remain bullish.
The ASX200 continues to hover around the 7300 area with stock / sector rotation still the main game in town, Thursday saw funds drift out of the banks and resources into the beneficiaries of lower interest rate such as IT,
The ASX200 started to show a few hairline cracks yesterday with strength early on sold into as ~60% of the index finished lower after hitting another all-time high at 7334.
The ASX200 continues to rally steadily with the seasonal concerns around May well and truly behind us, since Februarys low ~6500 the index has gained well over 3% p.m. with no obvious end in sight, if anything the moves gathering momentum after clearing the 7000 hurdle. Tuesdays 10-point gain wasn’t particularly exciting but with meaningful sellers remaining firmly on the sidelines it’s more a matter of which sectors drag us higher with the IT & Healthcare stocks more recently best on ground i.e. the growth plays.
The ASX200 again scaled fresh all-time highs on Monday but on a day when the banks struggled following regulator AUSTRAC’s investigation into money laundering at National Australia Bank (NAB) it was one step too far for the index to close above 7300.
This morning the ASX200 appears poised to again test the 7300 area, if we assume the local index has already seen its low for June and the last couple of months have set the benchmark for the current breakout by Australian stocks investors should expect to see a test of 7400 in the coming weeks, a move that shouldn’t be hard to comprehend as the banks maintain their bullish charge, the average gain of the “Big 4” in 2021 is already over 28%, and that’s before we even consider their attractive dividends.
The ASX200 keeps posting fresh all-time highs almost as often a day ends with a “y”, earlier this quarter MM was optimistically discussing the major Australian benchmark breaching 7000 but around midday on Thursday 7300 was feeling more likely.
The ASX200 continues to grind higher posting new all-time highs on an almost weekly basis, Wednesdays 75-point rally was a strong broad based performance with over 70% of stocks closing higher led by the energy names while being well supported by the miners and banks.
On Monday the ASX200 again enjoyed decent buying surface into early weakness, the index ultimately recovered well over 50% of its mid-morning losses, even though over 60% of stocks still closed down on the day.
The ASX200 had a fairly quiet end to May as yet again it failed to push through its trend line resistance which has contained the markets advance since November of 2020. Ultimately local stocks reversed early gains to close down -0.25% with only the Healthcare & Gold sectors contributing any noticeable support. Even Commonwealth Bank (CBA) closed lower after posting a fresh all-time high at $101.50 – I’ll go out on a small limb here and call CBA to retrace ~5% from yesterday’s high, a point of interest no more as we remain bullish.
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