Sunset Strip (Afternoon Report) - Aussie market closed slightly down following US tech selloff despite good job data

Sunset Strip (Afternoon Report) - Aussie market closed slightly down following US tech selloff despite good job data. Despite the profit taking, quality global growth stories with track record will rebound due to low growth outlook in the overall market. We turned positive short term on 25th March after the markets have priced in manufacturing slowdown on a global basis, US/Euro action against Russia have been irrelevant, China slowdown reduces credit risk. We maintain our view since then due to local markets to benefit from nearly $10b dividends being reinvested, better US data, China stimulus plans and more accommodating US/Euro Fed. Taking profit on high growth/cyclical stocks and covering shorts ahead of US Job data last week continued into today following US trend. The low volume being traded over the past 3-4 trading days shows the lack of conviction in our market. (VIEW LINK)