Market bounced hard today on the back of OPEC deal. The market has been seeing a big portfolio transition over the last few days…smells like global transition portfolios are going through…they have been adding exposure to Banks and Resources. There was a lot of short covering in some of the sectors today with Energy topping the list. Newly elected US leadership looks to be starting the next global war….”Global Tax Wars”. Similar to currency wars, when you start a race the bottom, everyone loses. Road to low tax haven is built with blown up economies with declining revenue that can’t support their economy or living standards. You can always count on the Americans to do the right thing after they have tried everything else. And you can always count on Australia to follow US despite our important relationship in Asia. OPEC deal has delivered an Oil price that is stuck between $40 and $60…i.e. capped by US Shale…assuming the market believes that they stick to the cuts…OPEC has a way of back flipping like politicians!!! For the full report… (VIEW LINK)