Market jumped up on the open as the retail market took over from institutional market as the school holidays started. Usual lower volume up day for mid-December with bank dividends helping to support the market. The local market is at the mercy of the overpriced US market and we expect that to start to unravel in early Jan as the US tax period ends in December. The MYEFO update maintains the fantasy of surplus in more than an elections cycle based on window dressed assumptions. Credit agencies are playing the game while China remains the main factor holding us in AAA…the rest are irrelevant. For the full report… (VIEW LINK)