Sunset Strip > Trading Day Wrap From Blue Ocean 20170822

Local market climbed back higher gradually on the back of strong metal prices. Local market still struck in the narrow trading range since May. US market and geopolitics remain the macro overhang while reporting season is driving substantial volatility. Growth stories missing guidance or weak outlook statement are facing 15-20% share price drop. The two biggest days of the reporting season are coming up…get ready for more volatility. Jackson hole update from the head of ECB and US Fed are the only main macro catalyst in play and logic suggests they are likely to be more dovish than hawkish. We see good buying opportunity opening up over the next month as investors over react to negative sentiment!!! The best performing sectors were Industrials, Miners and Health Care while the worst performers were Staples, IT and Telecom Services.

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