MAJOR MOVERS SPR +7.7%, EVN +4.2%, OBM +5.6% Gold flying. NXG +4.8% Gets…
Quiet day – narrow range – the pause that refreshes
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
The Futures are down 4 points this morning as we think about the 5.2% rally
Foot off the gas – US markets take a bit of a pause.
The Strategy Portfolio is now up 26% this year compared to the ASX 200 up 1%.
A look at the Marcus Today SMA performance.
Telstra hosted its investor day yesterday. Not too much to report following their AGM last month. The share price had a (relatively) big fall of 2% as the company reported its fi