Marcus Take – The Doves are still flapping
The Doves are still flapping – we are four days into this market rally
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Pre-Market Report Wednesday
US equities rose for a third consecutive day following more dovish comments from Fed officials pushing bond yields sharply lower. The Dow Jones ended up 135 points (+0.4%). The Dow traded higher all day, up 294 points at best. Meanwhile, the S&P 500 approached 4,400 but fell short, up 0.52%, and the NASDAQ gained 0.58%.…
Technical Signals
As the market rallies on this “Dovish Pivot” there are no end of ideas to buy. From big quality stocks with weekly (more significant) buy signals (TLS, TCL, RMD, COL, APA, AWC) to interest rate sensitive sectors (REITs, Utilities, Infrastructure), to Healthcare (CSL, RMD), to “Risk On” stocks in the technology and sentiment driven sectors (Lithium). There are daily buy signals for instance, on WTC, WEB, MIN, IGO, AKE. Take your pick. The big gamble is whether this Dovish Pivot is to be believed or whether it’s a one (or three) day wonder.
Henry’s Take – More for Gina
SMALL CAP PORTFOLIO SUMMARY Selling into the rally. Some GEAR and some LRS. Lithium stocks bounce on short covering. Gina buys more.Huge shorts in PLS. Volumes rise as institutions get busy. Will it last? IGO – Starting to look interesting and brokers making some changes. Retirement tomorrow. Is money the answer? Only partly. RMD –…
Marcus Take – A Biblical Pivot or just a good day for bonds
Taking a few bets on this Dovish Pivot sticking. Even if it doesn’t stick, the downside is limited. A lots of daily buy signals around. Weekly buy signals as well. Interest rate sensitive sectors on the rise. Risk on sentiment driven sectors bottoming. If you want to buy banks for a run into results, the timing looks as good as it is going to get. Hamas-Israel conflict being overlooked by the market. Oil price down.
End of Day Report Wednesday
ASX 200 rose another 48 points to 7088 (+0.7%) up for a fifth consecutive session, bouncing back from 6,890 levels just last Wednesday. Almost all sectors finished higher. Consumer discretionary is the top performing sector today as RBA rate hike expectations tapered off, ALL up 1.1%, DMP up 2.9%, and TLC gained 1.3%. Iron ore got a…
Pre-Market Report Tuesday
US markets finished higher overnight, recovering earlier losses following fresh remarks from Fed officials bolstering confidence the Fed will refrain from lifting rates this year amid rising oil prices and conflict between Israel and Hamas. The Dow finished near best levels, up 197 points (+0.59). Dow at best up 224 points. Dow at worst down 154…
Technical Signals
Daily buy signals on the US markets seem a bit incongruous given the rise in the oil price and the inflation pressure that creates.
Henry’s Take – Gold! Gold! Gold!
SUMMARY Rally continues. May get another chance to sell some KAR at 270c. Gold exposure in DEG. Missed the bottom. Maybe worth a look at GMD. Plenty of shorts in this one. TGF at a 20% discount to NTA and exposed to gold and uranium. Shame about the lithium and base metals. Target 180c. RMD gets some good news on…