Asian Markets Mixed In Choppy Trading
CANBERA (dpa-AFX) - Asian stock markets are mixed in choppy trading on Tuesday, following mixed cues overnight from Wall Street. Markets are concerned that the passage of a fresh U.S. coronavirus relief package could cause inflation to soar. Investors are also worried that rising bond yields could hurt high-growth companies reliant on easy borrowing. Asian stocks also ended mostly lower in choppy trading on Monday.
The Australian stock market is higher on Tuesday, extending gains from the previous session, with the benchmark S&P/ASX 200 just below the 6,800 level, as a major survey showed that business confidence has rebounded to its highest level in a decade. Weakness among technology stocks were more than offset by gains in financial stocks.
Has Sentiment Shifted? Stocks quotes in this article: AAPL
Just one month ago, I started talking about the upcoming overbought condition in the market. That s the blue arrow on the chart.
Yet, the market did not go down. For about a week, my inbox was filled with comments such as this market can t go down or the overbought reading doesn t matter. You can see the way the market hung up there at the highs, made a new high, even. But in the end, the overbought reading mattered and, yet, did the sentiment really shift?
It has and it hasn t. I have noted that first we saw frustration, then I think last week started to see some level of mini-panic in tech stocks on Thursday and again on Friday morning. But still that has not deterred most folks. There was a minor shift in sentiment on Monday, when folks were all of a sudden spending a lot of time on Apple (AAPL) . No one seemed to care last week, because AAPL was holding that late February low on a rela
Raise sell stop again on Ulta Beauty (UTLA) ahead of earnings, says technical analyst Bruce Kamcih, who believes It is best to play things safe with the beauty products retailer based on its technical signals..JD