This week the market headed down.
The interesting point being that the recent rally failed to break through the long-term upwards trend line.
This indicates some more selling in the short-term, which could see the market; get back into the 5200 ranges.
The energy sector and resources sector had a tough week ending down with BHP down 3.6% and Origin Energy down 6.3%.
Gail Kelly announced her retirement as the chief executive of Westpac. Which means that we can expect Westpac to underperform while the new CEO gets settled.
All the big banks were lower for the week. As was Grain Corp. Myer was down 5.6% closing the week out at $1.78. This makes it look attractive to the long-term investor.
Ten network slipped lower if that was possible down 1.9% even on the back of a potential takeover offer in the wind.
Tony Abbott reinforced that the G20 is about jobs and growth and not climate change. Which is good news for those ever increasing unemployed people.
Short-term I expect to see the market more Bearish.
Which means some bargains for the value investor.