Sunset Strip (Afternoon Report) - Aussie market delivered another positive day on the back of big tech (Apple & Facebook) updates after US market despite...

Sunset Strip (Afternoon Report) - Aussie market delivered another positive day on the back of big tech (Apple & Facebook) updates after US market despite negative US housing data. Despite being positive long term, we turned negative on Apr 11th morning due to US reporting season risk, China growth worries, Ukraine/Russian standoff, AUDUSD at the peak level we expected in current cycle, Aussie market struggling to break past our short term target for S&P 300 of 5400-5500, US VIX and Aussie VIX at historical low levels, Aussie fund managers on school holidays, optimism on central bank support in the price, financial sector upgrades in the price, sell in May trend getting airplay and Aussie market growth outlook not justifying current valuation level. The recent negative US housing data, mixed US corporate results, rising Ukraine risk, stretched valuation and institutional investors coming back after 2 weeks holiday drives the risk higher. (VIEW LINK)