Sunset Strip > Trading Day Wrap From Blue Ocean 20170609

Local market recovered from the fall at the open on the back of Chinese CPI data showing prices coming off. The market started to see the potential of the Chinese leadership to pump some cash to stimulate the economy while covering the June seasonal cash squeeze. Miners outperformed the market on the China hope. We continue to see short term downside before the next leg of outperformance. The big catalyst next week is the US Fed rate hike and outlook…one step forward and two steps back…usual US Fed back track music is already playing!!! The best performing sectors were Miners, Industrials and Utilities while the worst performers were Energy, Telecom Services and Property Trusts. UK election risk was underpriced by the market and the unlosable election has delivered a hung parliament.

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