Sunset Strip > Trading Day Wrap From Blue Ocean 20170405

Local market jumped higher at the open on better commodities before weak AUDUSD weighed on the banks to pull it negative…but the US futures turning positive in the afternoon dragged our banks and the market back to positive territory. Miners and Energy were the best performers while Telcos and Staples weighed on the market. Big lines stocks were moved around today after the close in stocks like CBA, WBC, NAB, ANZ, BHP, RIO, FMG, NEC and FXJ from what we saw…may be more…big portfolio transition…someone locking in profit or taking aggressive position ahead of US/China meeting...more likely to be a defensive move!!! New car sales gave a boost to local market confidence after weak data persisted for several months…pointing to potential weakness in retail and consumer spending. The latest March data puts the trend back in line with multiyear growth…but the bears would want to see this jump maintained next month to break the weak signal.

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