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.
The ASX200 shrugged off some initial morning jitters to commence the week on the front foot rising +0.2% with strength in the banking sector more than offsetting losses in the heavyweight miners e.g. Commonwealth Bank (CBA) and National Australia Bank (NAB) each rallied +0.7%, while OZ Minerals (OZL) and Fortescue Metals (FMG) both fell by over -4%.
After over 3-weeks, May has delivered very little on the index level with the ASX200 up just 5-points month to-date, coincidentally the exact amount the SPI futures are calling the index to fall on the open this morning.
Thursday saw the ASX200 recover over 60% of the previous sessions losses with the banks, real estate and tech stocks leading the broad advance, 80% of the index rallied with only the resources weighing on the gains.
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.
The ASX200 shrugged off some initial morning jitters to commence the week on the front foot rising +0.2% with strength in the banking sector more than offsetting losses in the heavyweight miners e.g. Commonwealth Bank (CBA) and National Australia Bank (NAB) each rallied +0.7%, while OZ Minerals (OZL) and Fortescue Metals (FMG) both fell by over -4%.
After over 3-weeks, May has delivered very little on the index level with the ASX200 up just 5-points month to-date, coincidentally the exact amount the SPI futures are calling the index to fall on the open this morning.
Thursday saw the ASX200 recover over 60% of the previous sessions losses with the banks, real estate and tech stocks leading the broad advance, 80% of the index rallied with only the resources weighing on the gains.
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