Technical Scans
TECHNICAL SUMMARY ASX200 and All Ords hit a 52-week low. Next support not until 6440. Only four daily buy signals and two sell signals in the All Ords.
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End of Day Report Friday
ASX 200 closed up 15 points at 6827 (0.2%), down only 1% for the week. Banks better after a run yesterday, the Big Bank Basket up to $171.72 (+0.7%). CBA leading the charge up 0.8%. MQG remain under pressure ahead of results due soon, down 0.5%. Insurers slid as yields stabilised, QBE down 1.7% and…
Retirement Today – Why has CSL Fallen?
Why has CSL fallen? CSL was the foundation stock for everyone’s portfolio. It didn’t pay much dividend but the constant reliable growth made it popular for retirement funds. It was a bottom left top right stock on the charts, rarely taking a dip. It was a share I always wanted in my folio but always thought it was too expensive. Having waited too long for an opportunity, I finally took the plunge on a slight down day and enjoyed a great run for a few years up to, and including the start of Covid. CSL had gone from 76.7c when…
Marcus Take – What will be the signs at the bottom?
Bond yields drop despite the GDP number. Waiting for the PCE Price Index. What will be the signs at the bottom. A look at the Banks, Resources and Tech Sectors. FOMC next week. RBA on Cup Day.
Pre-Market Report – S&P 500 Edges Closer to a Correction
Wall Street finished lower overnight amid mixed earnings, robust economic data showing resiliency and falling bond yields. The Dow ended near worst levels, down 252 points (-0.76%). Up 69 points at best. Down 292 points at worst. S&P 500 fell 1.18%, edging closer to a correction, with the index now down ~10% from its July…
Pre-Market Report – Big Tech Weighs
US equities closed sharply lower overnight, weighed down by the latest batch of corporate earnings. The Dow Jones finished near worst levels, down 105 points (-0.32%). Dow up 127 points at best. Down 152 points at worst.
Henry’s Take – On the Fly
Heading back up to Sydney after the two-day Microcap conference. Probably the best question of the two days was Dean Fergie from Cyan Investment was, ‘why are you listed?’ With a market cap of some of these companies around $5m, it does beg that question. The fees and compliance costs involved ($250K pa?) would be a massive percentage of the business revenue. So good on you Dean for asking the question. Of course. ma
Technical Scans
TECHNICAL SUMMARY S&P/ASX Small Ords on a 52-week low. Consumer staples oversold on a weekly basis and hit a 52-week low. Both WOW and COL oversold on a daily basis.
Marcus Take
Lots going on – none of it great. Cash is King. Alphabet bombs on weak cloud result (rest of the result was OK). Big Tech in official correction – NASDAQ down 10% from a recent top. No AI Boom trade this results season then. Bond yields higher again both here and there. CPI number prompts “Two rate rise” talk.