Sunset Strip | Aussie Afternoon Institutional Market Wrap
Aussie market jumped up to deliver a broad based positive day despite the negative global lead. Key indicators why we are positive (1) volatility index remains on down trend (2) bond yields are beginning to lose steam from the recent bounce (3) currency has pulled back from recent high (4) banks selling beginning to subside after NAB issuance last week (5) market holding above our yield weighted market fair value. The index is currently very close to the recent high and any move above that will drive investors to FOMO (i.e. Fear Of Missing Out). Aussie market is climbing the wall of uncertainty as the market begins to convert the doubters due to the relative risk/return of other investment options. US Fed maintained that there will be a rate rise this year, but the overall normalisation of interest rates will be over a number of years. US markets are closed overnight and that will leave us taking direction from Greece affected EU and commodity prices. (VIEW LINK)
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