Viewpoint: Bullish
Inflation has raised its head in 2021 with supply chain constraints one of the contributory factors but at this stage the bounce in bond yields hardly registers in the 40-year bear market. In our opinion supply chain constraints will come and go although wages pressures may be a different story, hence at this stage MM is interested in stocks that have been sold…
Overnight saw crude oil slip over 3% as Joe Biden considers tapping strategic oil reserves to lower fuel prices, helping households and alleviating rising inflation fears in the process – we feel such a move is slowly being baked into crude oil prices.
No change, another choppy and mixed session for US equities overnight with the S&P500 ending slightly lower, we continue to feel US stocks are consolidating their recent strong gains before they should eventually find a base to rally into Christmas. Our overall stance hasn’t changed, we’re very keen buyers of any dip towards 4600 but conversely we will consider fading a rally towards the 4800 area i.e. buy the dip and fade the pop.
MM has mentioned APX a few times of late and it caught my attention again yesterday as it rallied over 4% on a day when many stocks struggled. As we approach Christmas MM believes this is prime candidate to be squeezed towards $15 and potentially much higher – potentially we could reduce Xero (XRO) after its average result last week may see the online…
The ASX200 was clobbered 50-points yesterday courtesy of a disappointing result from CBA which plunged over 8% taking a whopping 45-points off the index all on its own – more on this later. The impact of a weak Banking Sector on the ASX was illustrated perfectly by the markets 0.68% decline even when 65% of stocks closed up on the day.
EML +3.56%: The main focus from EML shareholders in today’s AGM was the ongoing remediation work in their Irish PCSIL business. EML remains on track to have the bulk of the work wrapped up by the end of the year, with some minor changes rolling into the first quarter of 2022, the same commentary put out at the result a few months ago. EML have…
PPS -0.34%: the investment platform business hosted their AGM today with two key areas in focus. While business is chugging along nicely through the first quarter, the key focus was on 1. any news around the divestment of the international arm and 2. an update regarding a potential new bid from Netwealth. The CEO said that they were in the final phase…
CBA -8.07%: Not often we see CBA down ~8% in a session taking a whopping 45 points from the index, however today was one of those rare days as a weaker than expected 1Q trading update and a very bullish share price leading into it broke the camel’s back.
We covered this in last weeks note however the trust popped before we had a chance to buy it. We remain a keen buyer of Uranium, preferably into some weakness however ultimately, we think physical uranium is a better risk/reward bet at current levels than the stocks themselves which are now pricing in substantially higher spot Uranium prices than levels…
The up and coming telecommunications company has been on the MM hitlist for the Emerging Companies Portfolio for a while now. There’s been plenty of news in the last few months starting off with a capital raise with funds to be used in upcoming acquisitions. Raising a little over $120m, news leaked that they were looking at Brisbane based telco Over The Wire (OTW)…
