Sunset Strip | Aussie market went down for the third day in a row despite talk of a deal between Greece and Euro

Sunset Strip | Aussie market went down for the third day in a row despite talk of a deal between Greece and Euro. We had a bounce in consumer sentiment data, but most do not expect that to translate to better spending as the key issues are unemployment, falling real wages and rising cost of living. We maintain our long term view of the market running to 6500 by 2016 on falling interest rates and chasing dividend yield thematic. But in the short term, the market likely to experience profit taking to let some steam off. Stay nimble, RBA will be under pressure to act again next month after their change of bias to negative. The result season saw DMP (up 21%) and GMA (up 7%) pop up on short covering while CSL (down 8%) and OZL (down 7%) were short of friends. (VIEW LINK)