Sunset Strip | Aussie Afternoon Institutional Market Wrap

Aussie market ran into a brick wall of uncertainty after six straight days of positive run. Market has recovered from below fair value in early July to previous month high yesterday. There were a number of risks in the market after 350 point rebound from the lows. We were expecting the momentum to carry for another day or two before the profit taking started, but the institutional investors moved early to lock in the recent gains as the first sign of US reporting season with Apple falling. There are a lot of US and domestic macro out this week with US reporting season risk…once you lose positive momentum, it’s hard to get it back…expect profit taking to remain with higher volatility for the rest of this week….stay nimble!!! (VIEW LINK)