{"id":18405,"date":"2019-06-14T08:10:26","date_gmt":"2019-06-14T08:10:26","guid":{"rendered":"https:\/\/thepatientinvestor.com\/?p=18405"},"modified":"2019-06-16T23:39:14","modified_gmt":"2019-06-16T23:39:14","slug":"asx-200-materials-rocket-but-financials-fade","status":"publish","type":"post","link":"https:\/\/thepatientinvestor.com\/index.php\/2019\/06\/14\/asx-200-materials-rocket-but-financials-fade\/","title":{"rendered":"ASX 200: Materials rocket but Financials fade"},"content":{"rendered":"<p>Last week I wrote that I had zero confidence in the ASX 200 breakout but <em>you can&#8217;t argue with the tape<\/em>. The ASX 200 retracement respected its new support level at 6350 and commenced a fresh advance. Money Flow completed a trough high above zero, signaling strong buying pressure.<\/p>\n<p><img data-recalc-dims=\"1\" decoding=\"async\" class=\"aligncenter\" src=\"https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2018\/2019-06-14-xjo.png?w=525&#038;ssl=1\" alt=\"ASX 200\" \/><\/p>\n<p>Iron ore is a big contributor, rocketing to $106\/tonne.<\/p>\n<p><img data-recalc-dims=\"1\" decoding=\"async\" class=\"aligncenter\" src=\"https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2018\/2019-06-14-tr.png?w=525&#038;ssl=1\" alt=\"Iron Ore\" \/><\/p>\n<p>Materials followed suit, breaking resistance at 13,500 suggesting a fresh advance.<\/p>\n<p><img data-recalc-dims=\"1\" decoding=\"async\" class=\"aligncenter\" src=\"https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2018\/2019-06-14-xmj.png?w=525&#038;ssl=1\" alt=\"ASX 200 Materials\" \/><\/p>\n<p>The housing rally in response to the recent RBA rate cut has fizzled out, with <a href=\"https:\/\/www.macrobusiness.com.au\/2019\/06\/final-auction-clearance-rate-tumbles-back-40s\/\">CoreLogic reporting lower auction clearance rates<\/a> last weekend:<\/p>\n<blockquote><p>The combined capital city final auction clearance rate came in at 48.3 per cent last week, which was lower than the 58 per cent the previous week. The lower clearance rate was across a lower volume of auctions over what was the Queen\u2019s birthday long weekend, which saw 805 homes taken to auction, down on the 1,661 auctions the prior week.<\/p><\/blockquote>\n<p>The Financials advance has also lost impetus, with lower peaks on the Money Flow Index warning of increased selling pressure. Reversal below 6000 would warn of another correction.<\/p>\n<p><img data-recalc-dims=\"1\" decoding=\"async\" class=\"aligncenter\" src=\"https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2018\/2019-06-14-xfj.png?w=525&#038;ssl=1\" alt=\"ASX 200 Financials\" \/><\/p>\n<p>The market is discounting the potential impact of a US-China trade war on Australia, relying on a large Chinese injection of fiscal stimulus to steady the ship. They may be right but Chinese officials have been talking this down for the past few months.<\/p>\n<p>We hold 46% of our Australian Growth portfolio in cash and fixed income securities because of high uncertainty from (1) the US-China trade war; and (2) declining house prices and their potential impact on under-capitalised banks &#8212; leveraged at nearly 20 times common equity (CET1).<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Last week I wrote that I had zero confidence in the ASX 200 breakout but you can&#8217;t argue with the tape. The ASX 200 retracement respected its new support level at 6350 and commenced a fresh advance. Money Flow completed a trough high above zero, signaling strong buying pressure. Iron ore is a big contributor, &hellip; <\/p>\n<p class=\"link-more\"><a href=\"https:\/\/thepatientinvestor.com\/index.php\/2019\/06\/14\/asx-200-materials-rocket-but-financials-fade\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;ASX 200: Materials rocket but Financials fade&#8221;<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[40,43,57],"tags":[251,1397,1902,2254],"class_list":["post-18405","post","type-post","status-publish","format-standard","hentry","category-australia-nz-countries-regions","category-commodities-gold-commodities","category-stock-markets","tag-asx-200","tag-financials","tag-iron-ore","tag-materials"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.2 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>ASX 200: Materials rocket but Financials fade - the patient investor<\/title>\n<meta name=\"robots\" content=\"noindex, follow\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"ASX 200: Materials rocket but Financials fade - the patient investor\" \/>\n<meta property=\"og:description\" content=\"Last week I wrote that I had zero confidence in the ASX 200 breakout but you can&#8217;t argue with the tape. The ASX 200 retracement respected its new support level at 6350 and commenced a fresh advance. Money Flow completed a trough high above zero, signaling strong buying pressure. Iron ore is a big contributor, &hellip; Continue reading &quot;ASX 200: Materials rocket but Financials fade&quot;\" \/>\n<meta property=\"og:url\" content=\"https:\/\/thepatientinvestor.com\/index.php\/2019\/06\/14\/asx-200-materials-rocket-but-financials-fade\/\" \/>\n<meta property=\"og:site_name\" content=\"the patient investor\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/profile.php?id=61572934660810\" \/>\n<meta property=\"article:author\" content=\"https:\/\/facebook.com\/people\/The-Patient-Investor\/61572934660810\/\" \/>\n<meta property=\"article:published_time\" content=\"2019-06-14T08:10:26+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2019-06-16T23:39:14+00:00\" \/>\n<meta property=\"og:image\" content=\"http:\/\/static.incrediblecharts.com\/images\/2018\/2019-06-14-xjo.png\" \/>\n<meta name=\"author\" content=\"Colin Twiggs\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Colin Twiggs\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"1 minute\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/thepatientinvestor.com\/index.php\/2019\/06\/14\/asx-200-materials-rocket-but-financials-fade\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/thepatientinvestor.com\/index.php\/2019\/06\/14\/asx-200-materials-rocket-but-financials-fade\/\"},\"author\":{\"name\":\"Colin Twiggs\",\"@id\":\"https:\/\/thepatientinvestor.com\/#\/schema\/person\/d42b18d516a80149d739845749ac6454\"},\"headline\":\"ASX 200: Materials rocket but Financials fade\",\"datePublished\":\"2019-06-14T08:10:26+00:00\",\"dateModified\":\"2019-06-16T23:39:14+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/thepatientinvestor.com\/index.php\/2019\/06\/14\/asx-200-materials-rocket-but-financials-fade\/\"},\"wordCount\":264,\"publisher\":{\"@id\":\"https:\/\/thepatientinvestor.com\/#organization\"},\"image\":{\"@id\":\"https:\/\/thepatientinvestor.com\/index.php\/2019\/06\/14\/asx-200-materials-rocket-but-financials-fade\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.incrediblecharts.com\/images\/2018\/2019-06-14-xjo.png\",\"keywords\":[\"ASX 200\",\"Financials\",\"Iron Ore\",\"Materials\"],\"articleSection\":[\"Australia &amp; NZ\",\"Commodities\",\"Stock Markets\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/thepatientinvestor.com\/index.php\/2019\/06\/14\/asx-200-materials-rocket-but-financials-fade\/\",\"url\":\"https:\/\/thepatientinvestor.com\/index.php\/2019\/06\/14\/asx-200-materials-rocket-but-financials-fade\/\",\"name\":\"ASX 200: Materials rocket but Financials fade - the patient investor\",\"isPartOf\":{\"@id\":\"https:\/\/thepatientinvestor.com\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/thepatientinvestor.com\/index.php\/2019\/06\/14\/asx-200-materials-rocket-but-financials-fade\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/thepatientinvestor.com\/index.php\/2019\/06\/14\/asx-200-materials-rocket-but-financials-fade\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.incrediblecharts.com\/images\/2018\/2019-06-14-xjo.png\",\"datePublished\":\"2019-06-14T08:10:26+00:00\",\"dateModified\":\"2019-06-16T23:39:14+00:00\",\"breadcrumb\":{\"@id\":\"https:\/\/thepatientinvestor.com\/index.php\/2019\/06\/14\/asx-200-materials-rocket-but-financials-fade\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/thepatientinvestor.com\/index.php\/2019\/06\/14\/asx-200-materials-rocket-but-financials-fade\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/thepatientinvestor.com\/index.php\/2019\/06\/14\/asx-200-materials-rocket-but-financials-fade\/#primaryimage\",\"url\":\"https:\/\/www.incrediblecharts.com\/images\/2018\/2019-06-14-xjo.png\",\"contentUrl\":\"https:\/\/www.incrediblecharts.com\/images\/2018\/2019-06-14-xjo.png\"},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/thepatientinvestor.com\/index.php\/2019\/06\/14\/asx-200-materials-rocket-but-financials-fade\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/thepatientinvestor.com\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"ASX 200: Materials rocket but Financials fade\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/thepatientinvestor.com\/#website\",\"url\":\"https:\/\/thepatientinvestor.com\/\",\"name\":\"The Patient Investor\",\"description\":\"Smart. 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He co-founded Incredible Charts and writes the popular Trading Diary and Patient Investor newsletters. Using a top-down approach, Colin identifies key macro trends in the global economy before evaluating selected opportunities using a combination of fundamental and technical analysis. Focusing on interest rates and financial market liquidity as primary drivers of the economic cycle, he warned of the 2008\/2009 and 2020 bear markets well ahead of actual events. 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Enrico de la Cruz at Mining.com reports: Singapore-based steel and iron ore data analytics firm Tivlon Technologies is keeping its price forecast of $150 a tonne by October. \u201cWe expect the launch of infrastructure projects in China to peak in the third\u2026","rel":"","context":"In &quot;Australia &amp; NZ&quot;","block_context":{"text":"Australia &amp; NZ","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/countries-regions\/australia-nz-countries-regions\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":26197,"url":"https:\/\/thepatientinvestor.com\/index.php\/2021\/06\/06\/asx-breakout\/","url_meta":{"origin":18405,"position":1},"title":"ASX breakout","author":"Colin Twiggs","date":"June 6, 2021","format":false,"excerpt":"The ASX 200 broke through resistance at 7200, signaling a fresh primary advance. Target for the breakout is 80001. Bond ETFs continue their sideways ranging pattern, suggesting no upward pressure on long-term interest rates. Financials broke through resistance at 6500, signaling another advance with a target of 80002. ASX 300\u2026","rel":"","context":"In &quot;Australia &amp; NZ&quot;","block_context":{"text":"Australia &amp; NZ","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/countries-regions\/australia-nz-countries-regions\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":40482,"url":"https:\/\/thepatientinvestor.com\/index.php\/2023\/01\/21\/asx-sector-performance\/","url_meta":{"origin":18405,"position":2},"title":"ASX sector performance","author":"Colin Twiggs","date":"January 21, 2023","format":false,"excerpt":"Leading sector gains on the ASX over the past 12 months are: Energy: 30.1% Utilities: 13.0% Materials: 5.7% Healthcare: 3.9% Staples: 3.1% Financials: 2.9% The Metals & Mining industry group also performed reasonably well, with a 12-month gain of 7.4%. A strong rally in iron ore, industrial metals and gold\u2026","rel":"","context":"In &quot;Australia &amp; NZ&quot;","block_context":{"text":"Australia &amp; NZ","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/countries-regions\/australia-nz-countries-regions\/"},"img":{"alt_text":"ASX 300 Metals & Mining","src":"https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2023\/2023-01-20-xmm.png?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2023\/2023-01-20-xmm.png?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2023\/2023-01-20-xmm.png?resize=525%2C300&ssl=1 1.5x"},"classes":[]},{"id":57148,"url":"https:\/\/thepatientinvestor.com\/index.php\/2024\/08\/31\/asx-threatens-a-fresh-advance\/","url_meta":{"origin":18405,"position":3},"title":"ASX threatens a fresh advance","author":"Colin Twiggs","date":"August 31, 2024","format":false,"excerpt":"The ASX threatens a fresh advance despite the headwind from an underperforming mining sector. The ASX 200 is testing resistance at its recent high of 8100, while rising Trend Index troughs above zero indicate growing long-term buying pressure. Breakout would offer a target of 8500. \u00a0 The advance is boosted\u2026","rel":"","context":"In &quot;Australia &amp; NZ&quot;","block_context":{"text":"Australia &amp; NZ","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/countries-regions\/australia-nz-countries-regions\/"},"img":{"alt_text":"ASX 200 Index","src":"https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2024\/2024-08-30-xjo.png?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2024\/2024-08-30-xjo.png?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2024\/2024-08-30-xjo.png?resize=525%2C300&ssl=1 1.5x"},"classes":[]},{"id":17886,"url":"https:\/\/thepatientinvestor.com\/index.php\/2019\/02\/15\/asx-200-enjoys-iron-ore-spike\/","url_meta":{"origin":18405,"position":4},"title":"ASX 200 enjoys iron ore spike","author":"Colin Twiggs","date":"February 15, 2019","format":false,"excerpt":"The ASX 200 has been buoyed by a temporary spike in iron ore prices. Materials (comprising 18.5% of the main index) broke through resistance at 12500, signaling a primary advance. A higher trough on Twiggs Money Flow indicates buying pressure. The ASX 200 encountered resistance at 6100 but the rally\u2026","rel":"","context":"In &quot;Australia &amp; NZ&quot;","block_context":{"text":"Australia &amp; NZ","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/countries-regions\/australia-nz-countries-regions\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":26278,"url":"https:\/\/thepatientinvestor.com\/index.php\/2021\/06\/12\/asx-financials-suffer-a-reits-advance-on-lower-rates\/","url_meta":{"origin":18405,"position":5},"title":"ASX: Financials suffer, A-REITs advance on lower rates","author":"Colin Twiggs","date":"June 12, 2021","format":false,"excerpt":"The ASX 200 advance is tentative, with a short doji candle signaling hesitancy, and we expect retracement to test support at 7000.\u00a0 The Trend Index trough above zero indicates longer-term buying pressure. Respect of support is likely and would signal a fresh advance. Financial Markets Bond ETFs broke through resistance,\u2026","rel":"","context":"In &quot;Australia &amp; NZ&quot;","block_context":{"text":"Australia &amp; NZ","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/countries-regions\/australia-nz-countries-regions\/"},"img":{"alt_text":"Bank Net Interest Margins","src":"https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2021\/2021-06-11-aus-nim.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/posts\/18405","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/comments?post=18405"}],"version-history":[{"count":3,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/posts\/18405\/revisions"}],"predecessor-version":[{"id":18420,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/posts\/18405\/revisions\/18420"}],"wp:attachment":[{"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/media?parent=18405"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/categories?post=18405"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/tags?post=18405"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}