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Market Update Friday 20th May 2016

Weekly Trend: Up
Daily Trend: Up
Daily Momentum: Neutral

The ASX traded higher today to cap off a week of congestion and minor gains. After a relatively quiet session, the All Ordinaries was up 0.55%. Miners and the Energy sector bounced back a little bit from yesterday's drubbing despite weakness in metals and Iron Ore overnight, the latter off more than five percent. Crude Oil was also down, but only slightly. Info Tech and consumer sectors did reasonably well and the remainder were quite subdued. Small Caps outperformed - the Small Ordinaries advanced one percent. In the US overnight, the S&P 500 closed 0.4% lower but did recover a lot of ground to close well off session lows.

 Learn more about the US Momentum strategy here

Market Update Thursday 19th May 2016

Weekly Trend: Up
Daily Trend: Up
Daily Momentum: Neutral

Both the S&P 500 and FTSE closed flat overnight, Crude Oil was lower, and precious metals and Copper were a little lower, but not drastically so after they recovered a lot of lost ground. Our resource stocks were hit hard today however, particularly Gold miners - the XGD (S&P ASX All Ordinaries Gold) was down more than eight percent. The All Ordinaries trended down most of the day but picked up some ground in late trade to close 0.65% lower. Wesfarmers, Woolworths and Telstra were also weak and dragged their associated sectors lower. On the flip side, Financials, Healthcare and Info Tech managed small gains. Domestic jobs data was out today which saw the unemployment rate steady at 5.7% as was widely expected.

 Learn more about the US Momentum strategy here

Market Update Tuesday 17th May 2016

Weekly Trend: Up
Daily Trend: Up
Daily Momentum: Up

Overnight, the S&P 500 put on one percent and the Nasdaq was 1.2% higher amid the news of Berkshire Hathaway's stake in Apple which was no doubt the story of the day for the media. Crude Oil was just over three percent higher basis the continuous futures and metals were quite flat. National and Macquarie banks traded ex-dividend which put a drag on the Financials though the other big banks were very subdued. The ASX opened stronger and after a real grind and plenty of sideways price action, the All Ordinaries closed near session highs, up 0.7%. Energy stocks and miners drove the gains with the ASX 200 Resources up 2.78%. Consumer Staples and Telco's did quite well and the remaining sectors posted modest moves. The RBA released its minutes from the last meeting which sent the AUD sharply higher.

 Learn more about the US Momentum strategy here

Market Update Wednesday 18th May 2016

Weekly Trend: Up
Daily Trend: Up
Daily Momentum: Neutral

US markets reversed overnight and erased gains from the previous session. The S&P 500 gave up 0.9% whilst major equity indices in Europe were mixed. Crude Oil was a little higher and metals were mixed but modest in moves. Down sharply in opening trade, the All Ordinaries reversed quickly and rallied almost back to even par. It sold off almost as quickly once again however, to close 0.7% lower. Of the main sectors, only Energy managed to sneak into positive ground. Consumer stocks were under some pressure, none more so than Beacon Lighting which was down more than twenty percent after a trading update and earnings guidance. Info Tech, Industrials, Telco's and Financials were all soft.

 Learn more about the US Momentum strategy here

Market Update Monday 16th May 2016

Weekly Trend: Up
Daily Trend: Up
Daily Momentum: Up

The ASX held up well in the face of a weak lead from the US, some soft data out of China and some lower / flatish commodities on Friday night. Initially lower in opening trade, the All Ordinaries rallied immediately thereafter and extended gains into early afternoon. It eased off some through the afternoon but still closed almost half a percent higher. Strength was evident in the Healthcare sector with CSL and Sonic both having solid days. Miners and Financials were a little higher whilst the Energy sector was down. Generally it was a quite day.

 Learn more about the US Momentum strategy here

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