Sunset Strip | Aussie Afternoon Institutional Market Wrap

Aussie market was taken down today by WOW and NAB with a bit of overseas investor selling thrown in the mix. WOW result was expected to be bad and it was very bad. WOW around $24-25 remains a good long term yield buy idea on the restructure play. We have been negative on most discretionary retailers and JBH and HVN will also run into trouble soon enough as the falling real income and rising costs starts to bite. Property bubble, unemployment and higher tax worries will hit discretionary retailers and residential property stocks. ANZ, NAB and WBC go ex div in the next few weeks and that will drive yield hunters to jump in. The market continues to struggle with sentiment with central bankers in play. BKL and BGA decided to get together and really hit China while BAL lost its take-over premium as BGA finds a new China dance partner. Stay positive and stay nimble!!! (VIEW LINK)