Viewpoint: Bullish
The ASX200 outperformed most global indices last week rallying impressively towards its February high, a level which may be breached this morning following Fridays solid performance on Wall Street. We’ve held a net bullish / “buy the dip” stance through 2022 which feels the right approach as the markets set to test its February 7350 this morning, short-term the market looks & feels great with the 7600 level feeling a…
The UK FTSE’ has recovered very strongly from its recent 12% correction with our ideal target around 8,000 still feeling very realistic i.e. now only 8% higher, this is an exciting read through for the highly correlated ASX.
US stocks extended their strong week overnight taking the S&P500 to its largest 3-day gain since late 2020 although news around Russia – Ukraine peace talks understandably continues to have a major influence on the markets intra-day swings. With geopolitics dominating investor’s focus the largest concern for markets currently centres around whether Russia will default on its debt over the coming weeks, a distinct possibility…
The easiest stock to quantify our view towards the Australian banks is heavily owned and top performer CBA which has already rallied over 13% this month. Short-term we remain bullish CBA looking for fresh all-time highs in the $110-120 area but considering its strength so far this month we could be there in a fortnight!
The ASX200 rallied strongly yesterday to close up +1.1% enjoying further broad-based buying which saw 75% of the index close in positive territory for the day as we closed above the last 3-weeks high. Similar to US indices the ASX enjoyed some strong buying in the IT stocks following the Feds rate hike and hawkish comments which illustrated how crowded the anti-growth stance had become at the start of the week, remember the statistics…
US stocks rallied overnight even after the Feds comments sent bond yields higher, the US 10 year yield hitting 2.24% before retreating to 2.18% in what looked distinctly like a blow off style top – time will tell on that call! We are sticking with our view that the S&P500 is “looking for a low” in the 4100-4200 area and now the Feds shown its hand & provided a more certain pathway stocks can enjoy a relief rally, after all MM discussed 7 hikes earlier in the week showing it was no major surprise.
QAN has already bounced 17% from last weeks low when fears reached a crescendo around the Russia – Ukraine conflict. However what specifically caught our eye is the degree of the stocks $1.59 / 26% pullback, exactly what was witnessed through 2021.
The ASX200 rallied strongly yesterday to close +1.1% on broad based buying and importantly an absence of meaningful selling – even the embattled Mining & Energy sectors reversed early loses to close marginally higher. However its was the tech names that finally performed the heavy lifting for the ASX with over 90% of the stock’s closing up on the day, assisting the sector post a healthy +3.3% gain. MM has been looking…
We are looking to make an aggressive foray into US tech stocks via locally traded BetaShares NDQ, it’s not leveraged but we are looking for a quick 10-15% bounce
A position we bought early on, and well, for the portfolio back in 2020 now feels frustrating given we have seen shares in the payments company have a crack at $4.40 on 3 separate occasions while it now languishes ~60% below its highs. Margins were in focus across the board in the latest reporting period, with any company hinting at a squeeze dealt a blow by the market & Tyro was no different. There are strong signs of growth though with…
