SUMMARY With Wall Street closed many of the signals are unchanged. NASDAQ and S&P 500 at 52 week highs and both overbought and well as their ETFs – NDQ, HNDQ, IVV, IOO, SPY. Technology ETFs overbought – ROBO, RBTX, FANG, SEMI. FANG at a 52 week high. Bear market ETFs oversold – BBUS, SNAS. Oversold…
SUMMARY Wall St closed – not much to go on. The RBA pause – Short term sugar hit. Big Tech – how overvalued are they? Chinese PMI numbers disappoint. STRATEGY PORTFOLIO Nothing to report – I have to say, I feel like it's a matter of "When do we sell the US" rather than "What…
MARKET AT MIDDAY The ASX 200 is down 25 points to 7254 (-0.4%), sliding lower after yesterday’s gain as the RBA held rates steady at 4.1%. Banks hit the hardest after gaining yesterday, The Big Bank Basket down 1% to $173.13. REITS gaining on the interest rate halt, GMG up 0.6% and MGR up 0.2%. Aussie bond creeping up post RBA decision. 10-Year up 3bps and 2-Year up 1bps. Dow futures down 31 points.…
Yesterday’s RBA rate pause could have been a mistake. Coming into focus now is the quarterly CPI number on July 26. Everyone seems to have forgotten the March quarter number (7%) and the June quarter number is still going to be 6% plus, which is still well above the RBA’s target.
ASX 200 closed down 26 points to 7253 (-0.4%), letting go of yesterday’s gains, snapping a three-day advance. Financials weighed on the market, with significant losses in the banking sector. NAB -0.8% CBA -0.5%, ANZ -0.8% and WBC -0.7%. Big Bank Basket down to $173.81 (-0.6%). Resources and base metals were mixed, with commodity prices…
ASX 200 closed down 26 points to 7253 (-0.4%), letting go of yesterday’s gains, snapping a three-day advance.
MARKET AT MIDDAY The ASX 200 is down 3 points to 7243, after an early rise ahead of the RBA’s cash rate decision at 2:30 PM, where the market remains split on whether Lowe will raise rates by 25bps or pause. The latest RBA Rate Tracker implies an 84% likelihood for a hold. Gold and energy stocks leading…
RBA – Nobody knows is the answer to the question. Will they or won’t they? The lower-than-expected CPI number last week suggests a good chance that they will pause rates, but almost all the strategists are saying the same thing, inflation is too high, and even if they do pause now, they will have to raise rates if not three times more. If they do pause, I think it’ll be good for the market, whatever the strategists are saying. And hopefully, it will extend this consumer discretionary rally for us. We have three retailers in our IDEAS PORTFOLIO.
The RBA has left rates unchanged. Looks like they have taken on board last week's lower than expected CPI number – theire hawkishness appears to have been significantly tempered. They say inflation is only "slightly" higher than expected and due to temporary factors. Goodness – a lot less hawkish than expected. Runs against the Fed…
The ASX 200 rallied 33 points to 7279 (+0.5%), bouncing back from 7,232 lows following the RBA’s decision to hold rates at 4.1%. The Aussie dollar fell 0.2% to 66.58c, and the 2Y yield was virtually unchanged, up 1bps. Gold miners are happy, buoyed by stronger bullion prices. EVN up 1.8%, NST gained 1.6%, NCM…
