The Australian Share Market has followed Wall Street directly higher while again there was plenty of action amongst our commodity stocks

The Australian Share Market has followed Wall Street directly higher while again there was plenty of action amongst our commodity stocks with another volatile session overnight. Overnight we saw U.S stocks rally as market digested the Fed Reserves statement which came off quite dovish around the timing of a hike. As expected they also removed the word patient with any timing of a hike likely to continue to be very data dependent around employment, inflation and consumer & business spending & confidence. Market Turnover into lunch was $3.475 billion however it is exaggerated due to index option expiry. This afternoon we could see the market run out of steam, it has run very hard in the morning session so expect some profit taking in the afternoon. This combining with no major economic news due to release in the Asian pacific region and it could be quieter afternoon. Across the market.... For the complete market wrap please visit (VIEW LINK)