Aussie market held up in the positive territory before global selling pressure took the market down in the second half of the day to close down. The main sectors like financials and resources were in the negative territory as USD strengthened while staples, commercial services, property and utilities were the only positive performers. The US market is moving from US reporting season to US Fed update from Jackson Hole Wyoming on Friday night. The odds of rate rise in Sep have moved from 16% to 22% while move before Dec is now above 50%. We remain in the camp that US Fed will do a lot of talking and very little action till Dec. The weak inflation data on top of the weak GDP data means that FOMC will not be moving in Sep despite jawboning by Fed presidents and strong Job market in the US…IT PAYS TO TAKE ON THE FED…BUYING OPPORTUNITY COMING AFTER THE FED PANIC!!! THERE ARE MORE THAN 14 STOCKS REPORTING ON TUESDAY....GET READY FOR MORE VOLATILITY!!!Interesting moves of the day…....…. (VIEW LINK)
Please sign in to comment on this wire.