Sunset Strip | Aussie market pulled back with falling Iron Ore price

Sunset Strip | Aussie market pulled back with falling Iron Ore price. We continue to be negative in the short term as the markets have run too far ahead of reality. Market has broken the technical support level over the past week and flags likely profit taking on Friday. Given the uncertainties associated with Iraq, Ukraine and ECB, logic suggests we are likely to see profit taking with investors unlikely to take too much market exposure into the weekend. The market sentiment is running out of puff with geopolitical risks, stocks going ex div and escrow shares taking marginal buying. I still remain cautious on what ECB can actually deliver and will re-evaluate after the event. Trading idea of the day: Henderson Group (HGG). Thursday's Thematic Pick: Telstra (TLS). (VIEW LINK)