The Draghi effect, the global rollercoaster and the Australian market

The Draghi effect, the global rollercoaster and the Australian market. Last night Mario Draghi again sent investors running, with the quote 'I am uncertain there will be very good times ahead if we do not act now'. Therefore it was not a surprise to see the Dow down almost 2%. Coupled with the IMF cutting growth forecasts, where does this leave the Australian market? The simple fact remains that we continue to exist in a low interest rate environment. The market has now pulled back ~ 7%, with further retracement expected today. Blue-chips are now yielding ~6% fully franked, I see now as a time to accumulate and not a time to run for the hills. Strong results from BOQ help consolidate this. Six months from now, Investors may wish they had been greedy while everyone else was scared.