The Australian Share Market back in the red in a cautious mood ahead of the RBA rates decision this afternoon. With Wall Street shut overnight due to Independence Day holiday and major European markets falling overnight it was no surprise to see a risk off day particularly considering the outperformance we saw in the afternoon session in Australia and Asian markets yesterday. Market Turnover heading into lunch was $1.5 billion with the market activity higher than yesterday but not as significant as the large turnover of last week, but still quite strong considering Wall Street being closed and the RBA this afternoon. With school holidays beginning in NSW we could see many investors sitting on the sidelines for a couple of weeks which is not a bad place to be considering the ugly word “uncertainty appearing on many fronts”