Viewpoint: Bullish
The US S&P500 had a quiet Monday compared to most of 2022 although encouragingly it largely held onto its recent gains. The trend remains clearly down but at the moment our preferred scenario is the index continues to bounce towards the 4150-4200 area which would provide an excellent risk/reward selling opportunity. The tech stocks are struggling to embrace the pullback in bond…
OZL -3.80%: Confession session is underway for the miners and today saw another production downgrade leading to an increase in unit costs. So far, we have seen 6 names within the top 50 Australian miners downgrade based on production issues that have led to cost pressures, so this feels like a widespread thematic. Today it was Australia’s largest listed copper producer who lowered group copper production guidance…
The S&P500 popped over 3% on Friday night helping US stocks to their best gain in a month, the strength was triggered by short-term US bond yields falling the most in one week since May 2020 i.e. recession fears are now dominating. It’s amazing how bad news can be interpreted as good but when stocks have been hammered for over 6-months on rising interest rate fears anything, including a potential recession, that brings yields lower is being embraced.
The ASX200 has fallen 16% since its April high but MM believes a reprieve from the aggressive selling witnessed through June has already commenced, on balance we believe the recent 6407 low will prove a solid platform for a 300-400 point bounce.
Zillow Group, Inc. helps people find and get the home they want by connecting them with digital solutions, partners, and agents, and buying, selling, financing, and renting experiences. The Company’s affiliates, subsidiaries and brands include Zillow, Zillow Premier Agent, Zillow Home Loans, Trulia, Out East, StreetEasy, HotPads, ShowingTime+, Spruce, and Follow Up Boss. It provides integrated transaction experience for movers through Zillow, its network of partners, its affiliated brands, and through a comprehensive suite of marketing software and technology solutions for the real estate industry, including Spruce, Mortech, New Home Feed, ShowingTime+ and Follow Up Boss. Its services are primarily designed for buyers, sellers, partners, renters, and borrowers. For customers who are focused on buying new construction homes, it connects them with its home builder partners. Its rentals marketplace assists its partners with listings, advertising, leasing, and property management services.
YETI Holdings, Inc. is a designer, retailer, and distributor of outdoor products. The Company’s product portfolio is comprised of three categories: Coolers & Equipment; Drinkware, and Other. Its Coolers & Equipment family is comprised of hard coolers, soft coolers, cargo, bags, outdoor living, and associated accessories. It offers five product ranges within its hard cooler category: YETI Tundra, YETI Roadie, Tundra Haul, YETI TANK and YETI Silo 6G. The Hopper soft cooler product line includes Hopper M30, Hopper BackFlip, Hopper Flip, Daytrip Lunch Bag and Daytrip Lunch Box. Its Drinkware product family consists of Rambler Colster, Rambler Lowball, Rambler Wine Tumbler, Rambler Stackable Pints, Rambler Mugs, Rambler Tumblers, Rambler Bottles, and Rambler Jug. In Other products, it offers an array of YETI-branded gear, such as hats, shirts, bottle openers and ice substitutes. It operates in the Unites States, Canada, Australia, New Zealand, Europe, Hong Kong, China, Singapore and Japan.
