Sunset Strip > Trading Day Wrap From Blue Ocean 20170606

Local market ran into another beating today and it looks very much like a global portfolio was in play all day. Everyone shared the pain with all sectors in the red except Gold. The trading day finished with big crossing to finish the big portfolio transition in all the big stocks as well as some big lines on ETF trades as well. MIND THE GAP > US market is up over 3% while Aussie market is down over 3% QTD...something must give sooner or later. The best and only positive performer was Gold while Utilities, energy and IT were the worst performers. It was clear to see that global investors are worried about the AUD falling over…currently getting held up by USD sliding on US leadership woes. The split by Saudi Arabia, UAE and Bahrain from Qatar has further raised the risk of uncertainty in the region. US foot print and deals with nations on both sides of this split will make things even more complicated for investors. Aussie GDP data out tomorrow and all the houses started to push their growth outlook lower by the minute after the net trade data points to more weakness. Despite the one-off events that will be key to next quarter, investors are worried about the weak support for AUD.

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