I do believe that what we're seeing here is profit taking, which is a means of insurance that you need to take when the market has run very hard into a profit season that's got very high expectations about it,
More Quotes from Jamie Spiteri:
Origin has struggled to outperform the sector in comparison to some of the other energy stocks.Jamie Spiteri
You have News Corp. weaker, you have the banking sector basically steady but with Australia New Zealand Banking Group pulling back after some strong gains in recent weeks ... outside of that the market is just steady,
Jamie Spiteri
The bank sector is a bit weaker here, with NAB and CBA coming of their highs, and of course Westpac are ex-dividend, so that has obviously had an effect on the index,
Jamie Spiteri
The concern that has been around in the market of late is still there. The volatility was less given the fact Wall Street was steady overnight.
Jamie Spiteri
The big raw material-type stocks tend to get sold off because the demand picture is less certain.
Jamie Spiteri
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