Sunset Strip | Aussie market recovered slightly from yesterday's drop despite unemployment data coming out slightly worse than expected

Sunset Strip | Aussie market recovered slightly from yesterday's drop despite unemployment data coming out slightly worse than expected. Aussie market was up 0.22% with turnover was just below $4.5b. As we have been saying, there is a Tidal Wave of Unemployment to flow through the system in the next 12mths from multiple sectors including the government sector. Similar to US, the jobs we are losing are high paid high skilled full time jobs while majority of the jobs being created are low paid low skilled part time jobs. We don't see consumer confidence bouncing back while this trend continues. Pick of the day...NextDC (NXT) heavily shorted capital intensive data centre business model gave the market pre-result update that brokers are flagging could be the turnaround point...in any event, the short covering should see the stock recover (Disclaimer - I bought some NXT shares today). (VIEW LINK)