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Weekend report

Ask James: ASX goes into the long weekend at record highs

The ASX200 has maintained its upward momentum closing up +2.1% for June on Friday, as we’ve pointed out in previous reports a nudge of 7400 is likely in the next few weeks assuming local stocks match the average gains over the last 4-months.

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Weekend report

Ask James: Market rallies to new all-time highs

The ASX200 has kicked off June in similar fashion to the previous 3-months, its less than one week old and the index is already up almost +2%, the banks have maintained their upside momentum while being solidly supported by the broad market with the exception of the IT stocks which are still doing it tough. Bond yields and interest rates might have been treading water for the last 12-weeks but fund managers are clearly still rotating their portfolios towards a strong economy / higher interest rate environment

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Weekend report

Ask James: After an early pullback, stocks rally into end of month

The ASX200 threatened a classic seasonal May pullback mid-month but a 3.5% pullback was all we got and Friday saw the bears toss in their towels pushing the index up to within 10-points of its pre-COVID all-time high. Under the hood we saw 75% of the market rally with the banks and resources contributing to bulk of the gains while the tech stocks were the only sector to close in the red. The mix of CBA rallying over +11% for the month to its fresh all-time high and the resources appearing to have found a near term low after their ~10% pullback all bodes well for the start of June.

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Weekend report

Ask James: Stocks end a volatile week marginally higher

This week saw the ASX200 initially test the upside, then the downside with some gusto, only to close out the week marginally higher courtesy of a strong close on Friday. Under the hood we saw solid gains from the IT and banking stocks while the resources sector experienced some profit taking as all the major names retreated by over 2%

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Weekend report

Ask James: Markets end a volatile week on the front foot

This week saw the ASX200 surrender all of its gains for May In just 3-days as the mantra of “buy on dips” appeared to revert to “sell the rallies”, the net 1% decline would have indeed been far worse if heavyweights Commonwealth Bank (CBA) and CSL Ltd (CSL) hadn’t enjoyed sold gains.

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Weekend report

Ask James: Markets end the first week of May in the black

The ASX200 has kicked off May in similar manner to much of April as it grinds higher with stock and sector rotation dominating proceedings. There were a number of interesting swings under the hood with the following catching my eye or though both lists could easily have been much longer with plenty of volatility in a number of pockets of the index : Winners : Commonwealth Bank (CBA) +5.5%, Westpac (WBC) +4.4%, QBE Insurance (QBE) +7.8%, BHP Group (BHP) +5% and OZ Minerals (OZL) +7.4%. Losers : ANZ Bank (ANZ) -3.4%, Ramsay Healthcare (RHC) -6.5%, Netwealth Group (WL) -9.8%, Afterpay (APT) -19% and Altium (ALU) -15%

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Weekend report

Ask James: Stocks rally ~3.5% in April – what comes next?

The ASX200 ended April in a very different tone to the majority of the Easter month, local stocks closed down -0.8% with almost 70% of the index closing in the red. However even a weak Friday wasn’t enough to make a meaningful dent in the months performance with April still closing up +3.5% taking the annual gain to just over +6.5% year-to-date. The banks have dominated 2021 with ANZ Bank (ANZ) and Westpac (WBC) both up almost 30% while the local tech stocks has seen some of the biggest losses, a very different story to recent years and the US market where the NASDAQ again made fresh all-time highs last week.

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Weekend report

Ask James: Lots of Q&A following a week of heightened volatility

The ASX200 continues to enjoy April with the index currently up 4% for the month, it closed on Friday less than 2% below its 2020 all-time high. We are still looking for a decent pullback / period of consolidation from current levels but the current optimism is shrugging off any bad news that crosses the wires hence MM is not going out on a limb and saying a meaningful top is imminent just that the that risk/ reward advocates a degree of caution.

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Weekend report

Ask James: Stocks again scale new highs with the ASX 200 likely to test ~7100 on Monday

The ASX200 is thoroughly enjoying April and last year’s all-time high is now less than 2% away, our “gut feel” is the local index will fail to scale the 7200 area near future but we are far more optimistic moving forward. Under the hood last week was a mixed showing with banks ok but diversified financials strong while healthcare, gold, real estate and IT lead the gains i.e. the best performers were stocks that enjoy a lower interest rate environment.

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Weekend report

Ask James: Stocks cap off a great week higher again overnight, don’t fight the tape (for now at least)

Last week was a strong one for global equity markets and it was particularly pleasing to see some slight local out performance with the ASX 200 adding 3.01% to settle just shy of 7000. The broad  S&P 500 ended the week up 2.71% while the technology stocks pushed the Nasdaq 3.12% higher. European stocks were also strong, the UK based FTSE 100 also adding 3.01% ahead of lock downs being eased this week.

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MM’s preferred scenario is the ASX grinds higher through June with sector rotation continuing to dominate
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Weekend report

Ask James: Market rallies to new all-time highs

The ASX200 has kicked off June in similar fashion to the previous 3-months, its less than one week old and the index is already up almost +2%, the banks have maintained their upside momentum while being solidly supported by the broad market with the exception of the IT stocks which are still doing it tough. Bond yields and interest rates might have been treading water for the last 12-weeks but fund managers are clearly still rotating their portfolios towards a strong economy / higher interest rate environment

Weekend report

Ask James: After an early pullback, stocks rally into end of month

The ASX200 threatened a classic seasonal May pullback mid-month but a 3.5% pullback was all we got and Friday saw the bears toss in their towels pushing the index up to within 10-points of its pre-COVID all-time high. Under the hood we saw 75% of the market rally with the banks and resources contributing to bulk of the gains while the tech stocks were the only sector to close in the red. The mix of CBA rallying over +11% for the month to its fresh all-time high and the resources appearing to have found a near term low after their ~10% pullback all bodes well for the start of June.

Weekend report

Ask James: Stocks end a volatile week marginally higher

This week saw the ASX200 initially test the upside, then the downside with some gusto, only to close out the week marginally higher courtesy of a strong close on Friday. Under the hood we saw solid gains from the IT and banking stocks while the resources sector experienced some profit taking as all the major names retreated by over 2%

Weekend report

Ask James: Markets end a volatile week on the front foot

This week saw the ASX200 surrender all of its gains for May In just 3-days as the mantra of “buy on dips” appeared to revert to “sell the rallies”, the net 1% decline would have indeed been far worse if heavyweights Commonwealth Bank (CBA) and CSL Ltd (CSL) hadn’t enjoyed sold gains.

Weekend report

Ask James: Markets end the first week of May in the black

The ASX200 has kicked off May in similar manner to much of April as it grinds higher with stock and sector rotation dominating proceedings. There were a number of interesting swings under the hood with the following catching my eye or though both lists could easily have been much longer with plenty of volatility in a number of pockets of the index : Winners : Commonwealth Bank (CBA) +5.5%, Westpac (WBC) +4.4%, QBE Insurance (QBE) +7.8%, BHP Group (BHP) +5% and OZ Minerals (OZL) +7.4%. Losers : ANZ Bank (ANZ) -3.4%, Ramsay Healthcare (RHC) -6.5%, Netwealth Group (WL) -9.8%, Afterpay (APT) -19% and Altium (ALU) -15%

Weekend report

Ask James: Stocks rally ~3.5% in April – what comes next?

The ASX200 ended April in a very different tone to the majority of the Easter month, local stocks closed down -0.8% with almost 70% of the index closing in the red. However even a weak Friday wasn’t enough to make a meaningful dent in the months performance with April still closing up +3.5% taking the annual gain to just over +6.5% year-to-date. The banks have dominated 2021 with ANZ Bank (ANZ) and Westpac (WBC) both up almost 30% while the local tech stocks has seen some of the biggest losses, a very different story to recent years and the US market where the NASDAQ again made fresh all-time highs last week.

Weekend report

Ask James: Lots of Q&A following a week of heightened volatility

The ASX200 continues to enjoy April with the index currently up 4% for the month, it closed on Friday less than 2% below its 2020 all-time high. We are still looking for a decent pullback / period of consolidation from current levels but the current optimism is shrugging off any bad news that crosses the wires hence MM is not going out on a limb and saying a meaningful top is imminent just that the that risk/ reward advocates a degree of caution.

Weekend report

Ask James: Stocks again scale new highs with the ASX 200 likely to test ~7100 on Monday

The ASX200 is thoroughly enjoying April and last year’s all-time high is now less than 2% away, our “gut feel” is the local index will fail to scale the 7200 area near future but we are far more optimistic moving forward. Under the hood last week was a mixed showing with banks ok but diversified financials strong while healthcare, gold, real estate and IT lead the gains i.e. the best performers were stocks that enjoy a lower interest rate environment.

Weekend report

Ask James: Stocks cap off a great week higher again overnight, don’t fight the tape (for now at least)

Last week was a strong one for global equity markets and it was particularly pleasing to see some slight local out performance with the ASX 200 adding 3.01% to settle just shy of 7000. The broad  S&P 500 ended the week up 2.71% while the technology stocks pushed the Nasdaq 3.12% higher. European stocks were also strong, the UK based FTSE 100 also adding 3.01% ahead of lock downs being eased this week.

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