Make profit, Not War | Time to take profit and reduce market exposure till July - We maintain our preference for Yield thematic over Cyclicals since Jan 21st

Make profit, Not War | Time to take profit and reduce market exposure till July - We maintain our preference for Yield thematic over Cyclicals since Jan 21st. Top 10 reasons why you should take profit...1 - Expect Iraq risk to remain for an extended period and drive up energy costs. 2 - Good US growth outlook, Improving Japan and Euro stimulus already in the price. 3 - Volatility measures are at relatively low levels. 4 - China risk and Iron Ore dropping to $91.50. 5 - Falling consumer sentiment hitting all cyclical consumer sectors and property prices. 6 - Tax loss selling. 7 - Institutional Investors taking School Holidays off will reduce market exposure. 8 - Government risk to consumer sentiment with more budget marketing and new welfare plans coming. 9 - Currency and market valuation stretched with market expecting more downgrades. 10 - It's Friday the 13th.