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A Blank Screen - By Michael McCarthy at CMC Markets
9:15 AEST, Friday, 2 January 2014
A Blank
Screen
By Michael McCarthy (chief market strategist,
CMC Markets)
Australian investors face the first day of 2015 trading with a clean slate. Data releases over the holiday break were largely benign, and the most recent market action will be largely discounted as month, quarter and year end related. Instead, trading today starts with a clean slate, as local traders move their focus to the prospects of the New Year.
Year-end selling of property and healthcare stocks put them in today’s spotlight as possible targets for value investors. Similarly, weak trading in key commodities may see energy and resource stocks continuing to lead market action. Today’s overall market move will be determined by investors’ attitude towards the index dominating financial sector, neither cheap nor expensive on most measures.
The Australian dollar appears to have stabilised, holding ground above US 81 cents for the last 7 trading days. International investors who view this as a sign that the next moves are higher for AUD, may be active buyers today. In contrast, rises in US and local volatility measures are pointing to some caution at the commencement of trading.
ENDS
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