Sunset Strip | Aussie market took profit in all sectors following negative global sentiment

Sunset Strip | Aussie market took profit in all sectors following negative global sentiment. Aussie market was down 1.06% with turnover was just above $4.4b. Market pundits are out in force calling for a correction and you can't turn in any direction without seeing some stat comparing current level of some factor similar to 2007. The three main worries are (1) US valuations are stretched (2) US reporting season won't live up to expectations and (3) timing of interest rate rise in US is getting closer. If the rates are going up, then the economy and corporate profits must be traveling well. When the market decides to take profit on scare stories, logic does not always take front seat. Pick of the day...look at spot gold...still like NCM and BDR at these levels...we have been saying that there is a short term pop coming. (VIEW LINK)