[COMMENT: Isn’t it so interesting? The sorts of things that make newspaper headlines, and which in reality are not quite so. For the life of me I cannot see how the local market has made a three-week high. With reference to my chart, I can see a new intraday high for the last 2 weeks. Perhaps that in itself is an achievement given the coronavirus.]
(12 February 2020, The Age, Business, p31, By David Scutt and Lucy Battersby)
S&P/ASX 200 (XJO) index – Highest high in 2 weeks (Brainy)
‘Investors continue to shrug of concerns over the coronavirus with Australia’s market reaching the highest value in three weeks on Tuesday, and taking 24 companies in the S&P/ASX 200 index up to one-year highs. Trading took a ‘risk-on’ attitude with investors snapping up stocks that dipped on profit warnings or poor results, and volatility indices remain at long-term average levels. The continuing buying comes from confidence among traders – even when faced with the rising death toll and spread of the virus – that governments and regulators want to avoid a market crash, according to the equities research team at Macquarie.’
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