This week the market closed higher at 4921.
The big question is, "Has the new Bull market started?" Did we get it wrong in regards a pull back in the market?
Time will tell, but what I am hearing around the market at present is the same. The market move has been mainly due to investors who were sitting cash looking to get back into the market with an “I am going to miss out attitude”.
Most sectors were up this week, with only Consumer Staples, Technology and Utilities down or flat.
Small and Micro cap stocks were flat indicating that investors are still chasing the Blue Chip shares.
For the Bull market to start, the small and micro cap stocks need to start heading up as well.
With reporting season start now we will have a better idea as to how our market will perform in the coming months.
Remember reporting season is all about expectations. If the companies announced that they are expecting improving conditions moving forward we can expect to see the market to continue to move up.
General consensus, is that the market is looking fully priced.
The coming weeks will give us a better indication if we should be buying at these levels.