Aussie market fell on the open with weak resources and banks while a mid-day recovery on supermarket short covering before falling again. The main story for the day was the Supermarkets and the outperformance in all three stocks were mainly due to short covering as the outlook remains weak and turnaround in WOW is still a multi-year story. We are getting to the last few days of the reporting season and the market is looking forward to the US Fed update from Jackson Hole Wyoming on Friday night. The market has performed admirably well to remain at these stretched levels despite weak growth outlook and some earth shattering write downs. It is quite weird to look at the US markets trading up one day and down the next to really go nowhere for weeks. History shows that US market always run into a profit taking cycle between May and October since GFC. Interesting moves of the day…....…. (VIEW LINK)
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