I think what we are now seeing is a shift of money from one sector to the next.
The past 3 months the stock markets have been going up due to deffensive stocks like banks, telcos and consumer staples like WES and WOW, while resoruce stocks have been hit hard.
The last couple days has been evident to me that money is flowing out of these sectors back into the resource and energy sector which were the ones in the green today.
Look what RIO, BHP etc done today, then look at what the deffensive, high yeild stocks did today like ANZ, WBC, TLS, WOW, WES.
It paints a pretty clear picture that if markets keep going up then deffensive plays will continue to sell off as people more there money to the sectors that have been hit hard of late.
All in my opinion.
WOW Price at posting:
$30.26 Sentiment: Sell Disclosure: Not Held
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