Sunset Strip | Aussie market popped again in the morning and then gave it all up

Sunset Strip | Aussie market popped again in the morning and then gave it all up. Market now trading at similar stretched valuations as early July when we last went negative short term. We have not seen any substantial earnings upgrade in the large caps to change the valuation bands while the market has bounced from the lows in mid-August when we turned short term positive. We continue to remain positive long term, but short term bumps are expected when market runs too far ahead of reality. When interest rates start to rise in 2015Q3, the dynamics will change back to the norm. For now we will all keep our eye on Jackson Hole this weekend. Trading idea of the day: Acrux (ACR). Friday's High Risk Pick: Bionomics (BNO). (VIEW LINK) (VIEW LINK)