The ASX200 bounced strongly yesterday gaining +0.6% as the choppy rotation continues, Tuesday was all about the resources from energy to gold and of course iron ore which continues to swing around with almost as much volatility as Bitcoin!
Yesterday saw the ASX200 fail to hold onto most of its early gains as the “sell the bounce” mentality continues to surface, the local market ended the day on its session lows up just 0.1% with winners and losers pretty evenly matched.
The ASX200 endured some May wobbles last week falling almost 3% by Thursday afternoon, subscribers should remain conscious that the average decline for May & June combined over the last decade is -4.8% which by definition means at its worst the intra-month pullback would have been deeper e.g. last year we saw a -7.7% retracement even while the market was enjoying a phenomenal post COVID recovery.
Yesterday saw the ASX200 fall another 62-points finally breaching the psychological 7000 area in the late afternoon, selling was fairly broad based with well over 60% of stocks down on the day although gains in the heavyweight banking & healthcare sectors stymied the losses.
Yesterday saw the ASX200 fall another 52-points testing the psychological 7000 area in the early afternoon, the worm certainly hasn’t turned yet but there’s definitely some cracks forming in some global indices and local sectors.
Overnight we saw Treasurer Josh Frydenberg spend big in an effort to create another 250,000 jobs, there’s obviously no concerns around inflation or debt levels at this point in time. The booming mining sector has enabled the cash splash from revenue not envisaged by many a year ago when the pandemic dominated most conversations.
Yesterday saw the ASX200 surge to within touching distance of both its all-time high and the psychological 7200 area but this was not a typical 90-point rally because almost 30% of stocks closed down on the day.
So far in May the ASX200 has maintained both Aprils underlying strength and its polarization of gains with the banks and resources powering ahead while growth stocks and in particular the IT Sector remaining under the proverbial pump.
In the words of Led Zeppelin “the song remains the same” as yet again when the ASX200 threatens to test its all-time high the selling emerges – it’s only been 4-weeks of rotation between 7000 and 7100 but it certainly feels longer.
The ASX200 marched ever higher on Wednesday closing less than 1.5% below its all-time high, the heavy lifting was performed by the big 3 of the local index - Commonwealth Bank (CBA), CSL Ltd (CSL) and BHP Group (BHP). Again, gains weren’t broad based with under 50% of the market closing positive but its hard to argue with “higher highs” even if the advance is relatively subdued from a momentum perspective.
Yesterday saw the ASX200 fail to hold onto most of its early gains as the “sell the bounce” mentality continues to surface, the local market ended the day on its session lows up just 0.1% with winners and losers pretty evenly matched.
The ASX200 endured some May wobbles last week falling almost 3% by Thursday afternoon, subscribers should remain conscious that the average decline for May & June combined over the last decade is -4.8% which by definition means at its worst the intra-month pullback would have been deeper e.g. last year we saw a -7.7% retracement even while the market was enjoying a phenomenal post COVID recovery.
Yesterday saw the ASX200 fall another 62-points finally breaching the psychological 7000 area in the late afternoon, selling was fairly broad based with well over 60% of stocks down on the day although gains in the heavyweight banking & healthcare sectors stymied the losses.
Yesterday saw the ASX200 fall another 52-points testing the psychological 7000 area in the early afternoon, the worm certainly hasn’t turned yet but there’s definitely some cracks forming in some global indices and local sectors.
Overnight we saw Treasurer Josh Frydenberg spend big in an effort to create another 250,000 jobs, there’s obviously no concerns around inflation or debt levels at this point in time. The booming mining sector has enabled the cash splash from revenue not envisaged by many a year ago when the pandemic dominated most conversations.
Yesterday saw the ASX200 surge to within touching distance of both its all-time high and the psychological 7200 area but this was not a typical 90-point rally because almost 30% of stocks closed down on the day.
So far in May the ASX200 has maintained both Aprils underlying strength and its polarization of gains with the banks and resources powering ahead while growth stocks and in particular the IT Sector remaining under the proverbial pump.
In the words of Led Zeppelin “the song remains the same” as yet again when the ASX200 threatens to test its all-time high the selling emerges – it’s only been 4-weeks of rotation between 7000 and 7100 but it certainly feels longer.
The ASX200 marched ever higher on Wednesday closing less than 1.5% below its all-time high, the heavy lifting was performed by the big 3 of the local index - Commonwealth Bank (CBA), CSL Ltd (CSL) and BHP Group (BHP). Again, gains weren’t broad based with under 50% of the market closing positive but its hard to argue with “higher highs” even if the advance is relatively subdued from a momentum perspective.
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