Aitken: To panic at these levels would be quite aggressive

June saw pretty indiscriminate selling across most sectors in the ASX. Charlie Aitken from Aitken Investment Management says there is a natural resistance in the market at around the 5400 level. Aitken says: “It was a pretty dramatic month and even I was surprised at how aggressive it got in parts… However, I do believe that financials and telcos, which make up a large part of the index, are pretty well supported at 6% yields and they seem to bounce a bit off those levels… You have reporting season coming not far away and your effectively going to get the dividends about a month from now. The market, the way I approach it, is pretty much cum dividend right now. So to sell shares here or to start to panic here would be quite aggressive. You’d have to really think the world was going to go pretty badly from here.” You can listen to the full discussion on Switzer here: (VIEW LINK)


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