The ASX limps into the weekend…
A big week for the market and the Australian economy generally with the release of the budget, the BIG BANK TAX and some love finding its way back into the ‘unloved’ mining sector, that interestingly, were the only sector to stay in the green today.
For now, May is playing to script with weakness in the market throwing up some interesting investment opportunities however we’ve largely kept our powder dry in terms of the portfolio – it’s the time to have decent cash levels. A b’day today for one of the MM investment team and unsurprisingly, we’ll wrap up the day with a very succinct afternoon note.
On the market we opened OK however sellers came in soon after, a very similar day of trade to yesterday and again, it supports our thesis of being negative / high cash during this period. Rallies that get sold into are a sign of weakness! We had a range today of +/- 63 points, a high of 5878, a low of 5815 and a close of 5836, down -41pts or -0.70%.
ASX 200 Intra-Day Chart
ASX 200 Daily Chart
For those that missed it, Nick and James covered off their views in the Weekly Video Update to subscribers, including their views on the index and recent portfolio moves, including CBA, WBC, CYB, BHP, RIO, SUN and QBE.
Also about the upcoming Market Matters Seminar at The Four Seasons Hotel In Sydney – reply to this email for complementary tickets to our seminar if you haven't already or visit www.marketmatterslive.com.au
Have a great night and keep an eye out for the Weekend Report on Sunday
The Market Matters Team
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