The ASX200 was clobbered 0.7% yesterday as it was unable to withstand the “Fed Jitters” – nobody’s questioning whether interest rates are headed higher both in Australia and the US but markets have become fixated with the potential speed of such hikes which will challenge many high valuation stocks and sectors. Hence it was no surprise that the IT Sector was worst on ground yesterday falling 2.6% in a session when only the Utilities stocks managed to advance. The logic is simple to comprehend...
Yesterday saw the Australian market recover strongly from a 0.5% dip early in the session but the stocks again lacked the strength to forge ahead into positive territory, the market ultimately closed down less than 1-point – as we’ve said before “The song remains the same” with investors happy to buy dips but sellers emerging into strength as the ASX200 continues to rotate around the 7400 area which it first reached back in mid-June, now around 6-months ago.
The ASX200 rallied 0.35% on Monday which was a reasonable effort considering the Banking Sector closed in the red although heavyweight CBA did manage to finish marginally higher. At both midday and 4pm I felt the market was off and running for its annual Christmas Rally but alas aggressive selling in the futures market after 4pm led to a very poor match which saw local stocks lose almost half of the day’s gains in one fell swoop, looking at US stocks overnight it looks like somebody,,,
Omicron undoubtedly hasn’t gone away but equities have moved their focus elsewhere, at least for now. The headlines for the variant have remained mixed however international and state governments are forging ahead with their reopening plans with renewed vigour e.g. Queensland’s borders finally opened to NSW and Victoria this morning while Dan Andrews is actually opening the Garden State to visitors from South Africa without the need for quarantine!
The ASX200 took a breather on Thursday after an explosive few days, the market ultimately closed down 0.3% after some late selling in the SPI futures dragged the index into the red but overall it felt like a nothing day with only 54% of stocks closing down. We saw some mixed news towards the Omicron variant but it really felt like investors simply just took a rest after advancing all week:
The ASX200 roared higher on Wednesday, “hump day” to many but traders often refer to it as “drive day” as the market finally decides where it’s headed, this time the market enjoyed broad based buying with over 80% of stocks closing in positive territory, the index scaled fresh 3-week highs as Omicron fears seemed to vanish almost as fast as they arrived. The 1.25% gain took the local market within 3% of its all-time high only a few weeks after the doom and gloom merchants were focusing on either bond yields or Omicron. I feel...
Tuesday saw the ASX200 rally strongly finally closing up just shy of 1% on broad based buying with strong gains enjoyed by most pockets of the market, however the standout performances largely came from stocks who were whacked in previous sessions around Omicron fears, as we’ve said over recent days the new variant emanating from South Africa doesn’t appear to be an economic or health game changer, the RBA concurs with our feeling here believing the Omicron variant is a source of uncertainty but no major risk to our economy. Overall the Australian central...
The ASX200 fought hard yesterday to close marginally higher in the face of some aggressive selling across the tech space, it felt like many investors / traders who were long high valuation growth names decided to take a hint from Bitcoins 25% plunge over the weekend i.e. if in doubt get out! The were a number of prominent losers in these high Beta names including Zip (Z1P) -10.1%, HUB24 (HUB) -4.4%, Allkem (AKE) -7.2% (which is the old Orecobre), Kogan.com (KGN) -6.6%, Appen (APX) -5.4% and Afterpay...
Omicrons impact on equities has been fairly muted since it arrived on the scene a few weeks ago, a 2% pullback by the ASX200 can only be described as a little more than noise, especially when compared to the last 2-years. Obviously we have seen a few roller coaster sessions on Wall Street but in our opinion stocks don’t feel too concerned around how the new variant is going to impact economic growth:
The ASX200 continues to find buying support into decent dips but it’s not yet got the stamina / belief to make any headway on the upside, yesterday saw the local market bounce over 50-points from a weak open, following an aggressive late downturn by US markets, but once it returned to unchanged the buying almost instantly became far more passive. Currently markets are transfixed on any fresh news around the Omicron variant and until we see the market hold firm on bad news the likelihood is we haven’t yet seen the end...
Yesterday saw the Australian market recover strongly from a 0.5% dip early in the session but the stocks again lacked the strength to forge ahead into positive territory, the market ultimately closed down less than 1-point – as we’ve said before “The song remains the same” with investors happy to buy dips but sellers emerging into strength as the ASX200 continues to rotate around the 7400 area which it first reached back in mid-June, now around 6-months ago.
The ASX200 rallied 0.35% on Monday which was a reasonable effort considering the Banking Sector closed in the red although heavyweight CBA did manage to finish marginally higher. At both midday and 4pm I felt the market was off and running for its annual Christmas Rally but alas aggressive selling in the futures market after 4pm led to a very poor match which saw local stocks lose almost half of the day’s gains in one fell swoop, looking at US stocks overnight it looks like somebody,,,
Omicron undoubtedly hasn’t gone away but equities have moved their focus elsewhere, at least for now. The headlines for the variant have remained mixed however international and state governments are forging ahead with their reopening plans with renewed vigour e.g. Queensland’s borders finally opened to NSW and Victoria this morning while Dan Andrews is actually opening the Garden State to visitors from South Africa without the need for quarantine!
The ASX200 took a breather on Thursday after an explosive few days, the market ultimately closed down 0.3% after some late selling in the SPI futures dragged the index into the red but overall it felt like a nothing day with only 54% of stocks closing down. We saw some mixed news towards the Omicron variant but it really felt like investors simply just took a rest after advancing all week:
The ASX200 roared higher on Wednesday, “hump day” to many but traders often refer to it as “drive day” as the market finally decides where it’s headed, this time the market enjoyed broad based buying with over 80% of stocks closing in positive territory, the index scaled fresh 3-week highs as Omicron fears seemed to vanish almost as fast as they arrived. The 1.25% gain took the local market within 3% of its all-time high only a few weeks after the doom and gloom merchants were focusing on either bond yields or Omicron. I feel...
Tuesday saw the ASX200 rally strongly finally closing up just shy of 1% on broad based buying with strong gains enjoyed by most pockets of the market, however the standout performances largely came from stocks who were whacked in previous sessions around Omicron fears, as we’ve said over recent days the new variant emanating from South Africa doesn’t appear to be an economic or health game changer, the RBA concurs with our feeling here believing the Omicron variant is a source of uncertainty but no major risk to our economy. Overall the Australian central...
The ASX200 fought hard yesterday to close marginally higher in the face of some aggressive selling across the tech space, it felt like many investors / traders who were long high valuation growth names decided to take a hint from Bitcoins 25% plunge over the weekend i.e. if in doubt get out! The were a number of prominent losers in these high Beta names including Zip (Z1P) -10.1%, HUB24 (HUB) -4.4%, Allkem (AKE) -7.2% (which is the old Orecobre), Kogan.com (KGN) -6.6%, Appen (APX) -5.4% and Afterpay...
Omicrons impact on equities has been fairly muted since it arrived on the scene a few weeks ago, a 2% pullback by the ASX200 can only be described as a little more than noise, especially when compared to the last 2-years. Obviously we have seen a few roller coaster sessions on Wall Street but in our opinion stocks don’t feel too concerned around how the new variant is going to impact economic growth:
The ASX200 continues to find buying support into decent dips but it’s not yet got the stamina / belief to make any headway on the upside, yesterday saw the local market bounce over 50-points from a weak open, following an aggressive late downturn by US markets, but once it returned to unchanged the buying almost instantly became far more passive. Currently markets are transfixed on any fresh news around the Omicron variant and until we see the market hold firm on bad news the likelihood is we haven’t yet seen the end...
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