Sunset Strip | Aussie Afternoon Institutional Market Wrap

Aussie market took profit after 5 straight positive days with growth downgrade and falling consumer sentiment pushing global investors on currency worries. US Fed stuck to their boring time table and did not make any statements after their unscheduled meeting. Nothing in life is certain, but the December US rate rise looks almost certain. US goes into holiday mode with Thanksgiving on Thursday and most will take Friday off and make it a long weekend. Treasury downgraded growth outlook but it seems irrelevant to budget according to the Treasurer. There are brokers getting to their annual retail bullish mode. This call has failed every year and we don’t see this changing this year. Usually retailers hold back sales in good times to late December, but this year we are seeing discounts in November….not a positive sign. Private equity selling out of HSO sets up a big war chest…Big W/Masters anyone…time will tell. Despite today’s pullback, it looks like we are having the Christmas rally after all!!! (VIEW LINK)