The market started with a strong lead from the US and commodities but again banks came under pressure and the market dropped 75pts from its early highs. We discussed the ‘sell banks/buy resources’ last night and again that was the order of the day today. The resource sector got good support from commodities overnight as the US Dollar continues to trend lower. I reiterate my stance that my personal exposure preference is the resource/energy sector and where possible I will play those stocks. There are several brokers touting that these sectors could collapse, but at the end of the day the whole financial system is highly correlated to the US Dollar carry trade. Whilst that stays, so do the current trends and quite frankly the risks remain to the upside.
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Phone: +617 5473 5743
Suite 1/ 21 Sleepy hollow Drive
Noosa Heads QLD 4567
AFSL 288200
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