Aussie market started negative and remained there as the global market and commodity sentiment turned negative. ECB held fire as they wait for Brexit issues to bite while we wait for US Fed next Thursday. We are going into a short week with fund managers back from school holidays. Aussie market will have to stay on the sidelines for two US trading days and Fund Managers are unlikely to take that risk in current market conditions. We expected the Fund Managers to lock in the profit from recent bounce before the “May-hem” starts…and we saw early signs of that today. We remain positive on the banks while we remain cautious on the recent leg of the commodity bounce. 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. May has historically been a negative month. Stretched valuations and lack of positive catalyst means that the markets are highly prone to repeat history and take profit in May. (VIEW LINK)