Sunset Strip | Aussie market recovered some of the early morning losses after the better than expected China growth data

Sunset Strip | Aussie market recovered some of the early morning losses after the better than expected China growth data. Chinese growth data are as predictable as the ABS jobs data. It is scary that financial market valuations are running off these macro assumptions to show the strength of each of the economies. IMF downgraded global growth again. Not that it matters IMF is usually about 3mths behind reality. We expect more downgrades in 2015 as deflation strikes down more assumptions. Market volume was just below average again while markets are on hold for ECB QE details. The commodities and our views (1) Gold - TAKE PROFIT (2) Iron Ore - HOLD (3) Oil - SELL (4) Copper - HOLD. We warned clients with short term perspective to take profit on last Wednesday with macro and technical indicators moving into negative territory. The US president's State of Union speech will be the only overnight interest for the markets due to the republican lead congress will aim to block everything. (VIEW LINK)