Aussie market started positive in line with US market before the reality of weaker commodities and slowing economy took it down to slight negative territory. As we have been saying for the past few weeks, all the macro, fundamental, technical and trend leading indicators were showing profit taking was coming in April. Remember school holidays start next week and local fund managers will be reducing exposure before their holidays. We had a substantial step down in volume today and we may have that for most of this week. The upcoming reporting season in the US will bring the growth slowdown to the front and centre. We have a number of US Fed speeches to come overnight with Chair Yellen to speak on Thursday night. US Fed and ECB minutes out later this week and RBA rate non-decision will be out tomorrow. Time to be patient and pick the time to buy-in or add more exposure…maintain medium to long term view > long Yield and Gold, short Iron Ore and Oil!!! (VIEW LINK)



Comments

Please sign in to comment on this wire.