Market Summary
The general market (XAO) was up this week, +1.85%, continuing the run of the previous week’s big move. Just like the Dow seemed to be targeting 10,000, this market seems determined on 5,000.
The XAO is above a rising 13-Day Exponential Moving Average. Nine out of ten SP Industry Sectors were up. The only sector down was, once again, Telecommunications. Once again, the Materials Sector topped the league tables
Best Three Sectors:
Materials: +3.31%
Consumer Discretionary: +2.92%
Information Technology: +2.73%
Worst Three:
Consumer Staples: +0.77%
Information Technology: +0.09%
Telecommunications: -1.51%
Risk Aversion was apparently absent with the two worst performers being Defensive Sectors while the other two Defensive Sectors were in the middle band.
Friday showed a little weakness after a reversal day on the market on Thursday. This may be the start of, at least, a short-term correction. (More on this later in the report.)
Among the sub-sectors: Property Trusts up, +0.81%; Metals and Mining, +3.34%; 50 Leaders, +1.77%; and Small Ordinaries, +2.03%. The 50 Leaders was marginally worse than both the XAO and the Small Ordinaries. Risk Aversion/Risk Inclination was evenly balanced according to these measures. Gold Miners took a breather this week (-0.4%) after a stellar run the previous week
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