Aussie market started negative and then moved into complete take down mode as institutional investors took a knife to the banking sector with expectations of a CBA cap raising looking very likely. The ANZ cap raising and weak result saw it get smashed down over 7% while CBA got hit by 4% as the market ramped up their expectations of a similar raising and weak result. On the macro space, RBA downgraded growth outlook again and expected unemployment to flatten due to lower migration/population growth. The recent pullback has started to get us back to value territory with more upside risk than downside risk, but the reporting season volatility means that we are likely to tread water till we get past the banking stock updates. (VIEW LINK)