Aussie market started flat and finished flat with banks covering the fall in miners and staples. The market was aimless and lacked any sentiment as everyone was waiting for FOMC meeting to let out the dogs of war. In all possibilities, US Fed will either hike rates or have to downgrade outlook to substantiate a dovish outlook. Either way the US markets will have to deal with downgrades to macro outlook. Time to be patient and pick the time to add more exposure…maintain long Yield and Gold, short Iron Ore and Oil!!!! We see substantial risk in commodities while gold is likely to see support on weaker USD or rising market risk. TLS is basically being treated as the bond substitute and its trading similar to bond market rather than equity market. We also have local employment update tomorrow and if that shows continued weakness, RBA rate cut outlook will also come back on the table...…. (VIEW LINK)