Morning Report Tuesday 27 October 2015
Flexibility will be required over the next three months!
As previously mentioned the market is currently in the seasonally very strong Christmas period that usually rallies robustly into January.
The US S&P500 is now less than 3% from its all-time and 2015 high whereas the ASX200 is over 10% below its 2015 high and significantly below its all-time high.
The S&P500 has been in a bull market since March 2009 rallying over 200%; if it follows a classic 5 phase structure the current rally is the last before troubled times. - see chart 1. Hence, if we are in the last ~6 months of a 7-8 year advance positions initiated now should be short term in nature with clear risk / reward understanding.
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