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.
May has just one day remaining and barring any calamity its going to be another solid performance for the ASX200 with a gain of over 1%, the banks have led advance with Commonwealth Bank (CBA) surging almost +13% while the recovery stocks have played a solid supporting role
The ASX200 had the quiet Thursday we flagged in the morning report with it finally grinding out a meagre 2-point gain as just 51% of the market closed positive, on the sector level the banks drifted which was more than countered by another strong session from the IT names and a solid bounce by the Resources Sector.
The ASX200 followed Commonwealth Bank (CBA) higher into lunch as the markets largest company joined the $100 club, the stock listed back in 1991 at $5.40 illustrating the power of long-term compound investing when you back the correct business.
the ASX200 appears to have quickly put last weeks “May jitters” behind it as the index rallies towards both its 2021 & all-time high. Another day of Commonwealth Bank (CBA) scaling fresh levels certainly helped but the buying was broad based with 75% of stocks closing positive although I did feel it was more a lack of sellers that was the main market driver but either way the result’s the same, the post GFC & COVID bull markets remain intact.
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.
May has just one day remaining and barring any calamity its going to be another solid performance for the ASX200 with a gain of over 1%, the banks have led advance with Commonwealth Bank (CBA) surging almost +13% while the recovery stocks have played a solid supporting role
The ASX200 had the quiet Thursday we flagged in the morning report with it finally grinding out a meagre 2-point gain as just 51% of the market closed positive, on the sector level the banks drifted which was more than countered by another strong session from the IT names and a solid bounce by the Resources Sector.
The ASX200 followed Commonwealth Bank (CBA) higher into lunch as the markets largest company joined the $100 club, the stock listed back in 1991 at $5.40 illustrating the power of long-term compound investing when you back the correct business.
the ASX200 appears to have quickly put last weeks “May jitters” behind it as the index rallies towards both its 2021 & all-time high. Another day of Commonwealth Bank (CBA) scaling fresh levels certainly helped but the buying was broad based with 75% of stocks closing positive although I did feel it was more a lack of sellers that was the main market driver but either way the result’s the same, the post GFC & COVID bull markets remain intact.
Check your email for an email from [email protected]
Subject: Your OTP for Account Access
This email will have a code you can use as your One Time Password for instant access
Verication email sent.
Check your email for an email from [email protected]
Subject: Your OTP for Account Access
This email will have a code you can use as your One Time Password for instant access
!
Invalid One Time Password
Please check you entered the correct info, please also note there is a 10minute time limit on the One Time Passcode
To reset your password, enter your email address
A link to create a new password will be sent to the email address you have registered to your account.
Market Matters members receive daily market reports, real-time trade alerts, full access to 5 portfolios and dynamic company data.
Choose how you'd like to proceed:
We have a range of membership options to suit your needs and budget, why not join today and get unlimited access to the premium Market Matters service.
