Strategy outlook: We maintain a bullish long term view on the Australian equity market while short term volatility remains with US Fed outlook, China growth plans and global growth risks. We remain positive on the yield and currency trade, while domestic economic deterioration creates more volatility, cost cutting and M&A opportunities. We expect beaten up sectors to consolidate or run the risk of opportunistic take-over bids. We expect the third leg of the Christmas rally to maintain the current pace into 2016 while profit taking risk remains before the February. Current quant strategy model portfolio: Materials – large (BHP); Transport – large (SYD, TCL); Consumer Services – mid (ALL), small (AAD, AGI, RFG), Micro (SLK); Media – mid (FXJ), small (VRL), micro (ICQ); Staple – large (WES, WOW); Health Care – large (CSL, RHC, SHL), mid ( RMD), small (GXL); Banks – large (ANZ, NAB, WBC); Diversified Financials – large (MQG), mid (HGG), small (IMF); Insurance – large (SUN), small (SDF), micro (AUB); Property – large (LLC); Telecommunications – large (TLS), micro (SDA). (VIEW LINK)