Market Wrap Friday 25/02/2011

By Jason Fittler

Market pulls back to the high end of the trading range.

Last week I was expecting to see some weakness in the market, this was confirmed this week with unrest across the world we saw the US investors sell down the retail and financial sector in favour for exposure to Oil and Gold with expectation that the cost of Oil will increase due to the civil unrest.

Back home I expect that what we saw was some profit taking with out to much conviction, the sell down came out of the resources and banking sector. As previously mentioned the bulk of the heavy lifting in the recent run in the market was from he resources and financial sector, these have started to pull back.

Next stop is the gold sector and the energy sector as such I will be keeping an eye on the companies such as Newcreast, Woodside and AGL energy looking to buy on weakness.

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