Taking the Risk off the Table
What Mattered Today
Another very disappointing day for the local market as we fell 37 points (-0.66%), for an overall loss of -1.16% for the week. Today's selling was again focused in the banks, who fell another >1%, taking them down ~3.4% for the last 5-days. This performance would have been far worse if it was not for the big miners and of course, CSL.
On the market, we had a range today of +/- 46 points, a high of 5692, a low of 5646 and a close of 5655, down -37pts or -0.66%.
ASX 200 Intra-day Chart
Moving on to two stocks / sectors that have been under pressure over recent days…
Firstly, RIO which after todays fall is now already 3% below its highs of the week, we remain positive RIO medium term and ideally buyers in the $58.50-$59 area i.e another 5% lower.
RIO Tinto (RIO) Daily chart
Secondly, the banks have fallen out of favour as quickly as with many analysts coming out this week saying they are fully valued after the Trump rally. ANZ for example has already corrected $2.51 or almost 8% over the last 2 weeks.
We will consider buying ANZ around the $29 area, its nice to see Westpac almost 4% below where we took profit into into the Christmas buying frenzy, this may become an excellent value-add switch.
ANZ Bank (ANZ) Weekly chart
ASX 200 Movers
What Matters Overseas
FUTURES mixed….
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All figures contained from sources believed to be accurate. Market Matters does not make any representation of warranty as to the accuracy of the figures and disclaims any liability resulting from any inaccuracy. Prices as at 20/01/2017 5.00PM
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