Marcus Strategy – Hooooold
SPI Futures down 1 point – what to do?
Karoon to come back on. Might hurt. Oil price down 4% – doesn’t help. Lithium vibe not good. Risk as market takes short-term profits in risk-on stocks.
MAJOR MOVERS SPR +7.7%, EVN +4.2%, OBM +5.6% Gold flying. NXG +4.8% Gets a boost from Sohn Hearts Conference. CAR -4.4% Telecomms under pressure. GQG +6.9% Asset management in focus. AWC -2.1% State Street sells out. SVW +3.6% Buyback. MEZ -1.3% Utilities fall. ASX +2% Interest in the stock market returns. 4DX -9%…
The ASX 200 finishes the week down 9 points to 7049 (-0.1%) in a narrow day of trade but closes out the week up 1.04%. Broad sector weakness today, lacking any direction. SPI
US equities extended their gains overnight on hopes the Fed will be able to achieve a soft landing, after positive retail sales data and PPI results. The Dow advanced 164 points (+0.47%). Up 223 at best. The S&P 500 topped 4,500, up 0.16%, and the NASDAQ ended marginally in the green, up 0.06%. US treasuries fell after the latest economic data pointed in support of the soft landing narrative.
TECHNICAL SUMMARY Multiple stocks overbought on a daily basis following yesterday’s big gains. GMG hits a 52-week high and is overbought on a daily basis. After languishing for months, CSL is coming back to life.
The foot came off the gas a touch overnight although the Dow Jones was still up 164 points. The futures are down 4 points this morning, just taking a breather after a 99 point (1.4%) rise in the ASX 200 yesterday. The ASX 200 is at a two-month high.
The ASX200 fell 55 points (0.77%) to 7058 giving up about half of yesterday’s gains as enthusiasm waned. The market saw steady selling throughout the session with the employment numbers not havin
TECHNICAL SUMMARY Energy Sector with a daily buy signal after a good day yesterday. BHP trending slowly higher. No relief for Nickel, on a 52-week low and overbought.