Hi AFP,
I've been well aware of all of that. And have posted on it several times recently. Just a few days ago I said that it looks like a possible end to this great run up. That was in response to some bullish comments by another poster.
The chart remains in a consolidation.
You may be right - just cycling out of a great bull run - reversion to the mean. The magnitude of the sell-off today compared to other sectors is, however, to my mind something inexplicable by such matters. No up-draft in the currency. No ex-dividend day. Defensives often benefit on a down day.
I've done a little more digging since posting. SHL performed very poorly today, Down -3.2%. The question remains, but more narrowly focussed: What happened to SHL today to cause such a sell-off. Maybe just the usual market "noise" - or something to be discerned in the fulness of time?
(CSL was also a contributor today, but in terms of amplitude - the CSL move today was relatively narrow compared to some recent daily moves. CSL makes up about 1/4 of the Health Index. Its move today was in line. That looks to me like funds aligning CSL with the index move.)
Here are some charts of the major parties: in order, XHJ, CSL, COH, SHL.
Redbacka
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