Sunset Strip | Aussie market maintained the negative rage with falling Iron Ore and weak China flash PMI
Sunset Strip | Aussie market maintained the negative rage with falling Iron Ore and weak China flash PMI. We continue to trade with domestic austerity, financial sector inquiry and commodity price collapse hanging over the markets. We see this negative trend continuing into next week....hence we suggested to take profit on Nov 6th....keep your belt tight.... this could get bumpy in the short term as 3mth moving average moves below 12mth moving average on technical basis with rising volatility....but we still remain positive long term. The positive trend was dominated by short covering with biotech stock PBT up 11%. The negative trend was dominated profit warnings and stocks where market was willing to lock in profit. FXL was a standout falling 12% after update. OFX continues he slide. Media sector is definitely in play with Netflix announced to come into our market and TEN getting a lot of interest while regionals like APN, SXL and PRT under M&A cloud. Trading idea of the day: CarSales.com (CRZ). Thursday's Thematic TMT Pick: Telstra (TLS). Chart of the day: iProperty Group (IPP). (VIEW LINK)
Over 25 years’ experience in the finance/tech industry. Mathan has worked extensively in all parts of the finance sector (i.e. County NatWest, Citi, LIM, Southern Cross, Bell Potter, Baillieu Holst and Blue Ocean Equities). Currently Founder and...