Sunset Strip | Aussie Afternoon Institutional Market Wrap

Aussie market jumped off the starting block with solid global sentiment and then gave up some of the optimism as the day went on. The move today was not really a surprise given that bargain hunters were buying over the past two days despite Chiquities being on the nose. US Fed meeting starting tonight will have big effect on the near term movement of the market, but we feel that they will continue their rhetoric of saying not much while pointing to global growth issues and strong currency. Short term we see Big Miners and Big Energy stocks to benefit from a switch out of Big Banks. We maintain our positive reporting season trade in the gold sector due to the solid margin/global risk play (i.e. buy now and sell into the result). Despite the market strength of late, reporting season risks and US Fed meeting will keep the market on...stay nimble!!! (VIEW LINK)