Local market started positive and then faded to almost flat before another ramp up into the close delivered a positive finish.
It was another low turnover day where global investors bullied the market as a currency trade. The move was mainly in the large caps due to liquidity preference for global investors. Mid and Small caps were laggards in today’s move. Almost all sectors were in the green with staples and tech mainly flat. The main question for markets is what is likely to happen in the US Techs tonight. Everyone knows it’s a bubble and everyone knows how it was created. Almost everyone agrees it will unwind at some point. The question is…can the leveraged option players in the retail market hold on when the big boys are getting out? Time will tell.
US futures has been volatile all day. US Fed update in a few days and the only solution is more money printing while White House is ramping up geopolitics against China. Markets have been ignoring election risk and that’s ramping up while most believe it’s more bark than bite.
Remain nimble, contrarian and cautiously pragmatic with elevated global macro risks!!! Buckle up...it’s going to get bumpy!!!
Oil is slipping lower again with global growth outlook!!!
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Great summaries Mathan. Your views on Ausbiz are gaining praises as well. Thanks mate!