By Chris Becker
The local share market has been pummelled again this morning, down 1.5% and all led by the financials index. The selling may be off on the back of Treasurer Joe Hockey’s comments on the Budget hit, weakening the guarantees and dollar, or on the RBA’s consideration of macroprudential tools:
After a break spike at the open on the RIO/Glencore rumor, the selloff was on (and oh yes I took part on the SPI at least – nice payday for a throwaway swing trade). Today’s move is important as the trading range or volatility of this move is very large, over 110 points is the largest since July last year and recent support has been taken out paving the way for falls to the 5000 range:
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