Mixed leads from overseas markets on Friday, light volumes of just over $3 billion and the US markets closed for their Martin Luther King holiday didn’t stop investors from pushing our S&P/ASX 200 higher by a modest 6.27 points or 0.13% to close at 4777.5.
Our market has now risen for 8 of the last 9 weeks as negative sentiment is well and truly on the sidelines, not to mention volatility and traders are reluctant to wait for a pullback but instead buying as soon as they see value, even if indicators are showing overbought levels.
The Technology Sector led the way, up a better than average 1.29% with Utilities shining, up 0.62% whilst Consumer Goods and Healthcare sectors saw red, down 0.77% and 0.34% respectively.
Pullbacks continue to be extremely shallow and momentum continues to favour the bulls as each push higher makes those sitting on the sidelines more and more nervous. Psychology begins to play a bigger part as now it’s almost a matter of getting set and modifying your normal stop levels, rather than waiting for the perfect retracement.
S&P/ASX 200 Gainers and Losers
Ten Network (TEN:ASX) continues to improve with volumes really picking up from recent lows, with the gain today sitting at 8.57% and well and truly today’s biggest winner. FKP Property Group (FKP:ASX) maintained its momentum from the last 2 weeks, up a strong 4.85% as it fights its long term downtrend.
Beach Energy (BPT:ASX) shares nose dived today, down 9.28%, breaking out of its consolidation and support levels at $1.40. Sims Metal (SGM:ASX) also underperformed, down 5.11%, giving back 2 full days of gain from late last week.
Your daily ASX market update comes from Ashley Jessen, Director of Capital CFDs
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