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Foiled Again
The futures had it right yesterday morning – the ASX200 opened up 23 points in the first five minutes. But that was the end of that. In a choppy, low volume, lacklustre session the index proceeded to fall back to square by the close.
There appears little incentive to push the market to a new high at this point, with 7400 again a barrier. The likely reason is we have Australia’s CPI out tomorrow, a Fed statement on Thursday, a big week in the US earnings season and the first trickle of the local earnings season. All could be pivotal.