Aussie market jumped up on the open with positive global sentiment and then gave up most of it before trading sideways to finish just above the 5400 level. The Aussie market is running out of juice every time it gets to 5400. We see similar issues in the US market where the SP500 multiples are stretched around 2100. USD has taken a breather in the last few days, but US Fed Chair Janet Yellen speaks tonight and US is heading into a three day weekend tonight….we are likely to see some action tonight. As we have been warning clients since early May > Market has already peaked in the current cycle…nearly 2 weeks ago…we are at the early stages of the May sell off….no need to panic, prepare and take advantage of it!!! Now is a good time as any to do some tax loss selling ahead of the market rolling over…before the momentum monkeys rush to the door!!! (VIEW LINK)
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