Today the market finished a strong week, up +0.8%. Appetite for Risk this week has been high. The four worst performing S&P Sectors were the four Defensives: Utilities, Telecoms, Health and Consumer Staples.
But have a look at the performance of those four sectors today:
- Consumer Staples +0.6%
- Health +1.1%
- Telecommunications +2.2%
- Utilities +0.9%
Three out of four performed better than the general market.
Small Ordinaries did a little better than the general market, +1.1%; but the mid-Cap 50 was up only +0.6%.
The SPI (futures) finished at a considerable premium to the XJO (ASX200). That's often a danger sign of "irrational exuberance".
So - there are some danger signs there.
Let's see what the overnight markets bring to the table.
Cheers
Red
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