Sunset Strip | Aussie market fought back against the negative Thursday night global sentiment

Sunset Strip | Aussie market fought back against the negative Thursday night global sentiment. The outlook for the new week looks positive with very positive data from US driving European and US markets higher on Friday. We remain of the view that the worst is over for the Australian market with yield/valuation support and currency holding. We continue to feel that RBA is currently trying to curb house prices to leave themselves the option to cut rates in 2015...assuming inflation does not spoil the party. As we have been expecting, government has come out and said that they are once again looking at more cuts to pay for defence costs and no area is safe. More hits to the consumer sentiment? Is anyone else still holding retail recovery view into Christmas...Santa will not be coming due to cost cutting. Trading idea of the day: CarSales.com (CRZ). Friday's High Risk Pick: Bionomics (BNO). (VIEW LINK)