The Trade: stock trends and predictions for financial year-end
IG's Tony Sycamore discusses the strong momentum in US tech markets, new record highs for the NASDAQ, and the contrasting weakness in the ASX 200 due to China exposure.
Originally recorded on Friday, 14 June.
[AI generated]
IG’s Tony Sycamore notes that US tech stocks are experiencing a remarkable surge, driving the NASDAQ and S&P 500 to new highs. This bullish momentum in tech is potentially extending the melt-up towards the 20,000 mark.
In contrast, indexes like the ASX 200 are underperforming due to their greater exposure to the struggling Chinese market. Significant selling orders have impacted the ASX 200 since March, likely instigated by offshore sellers.
The conversation also highlighted the yen's performance ahead of a Bank of Japan meeting, with potential policy adjustments on the horizon. Similarly, positioning in gold and Bitcoin showed mixed signals, with gold within a well-defined range and Bitcoin's price action suggesting a possible continuation of corrective movements unless key support levels hold.
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