Sunset Strip | Aussie market was painted red today in line with global sell off

Sunset Strip | Aussie market was painted red today in line with global sell off. Turnover was just below $5.7billion. The market had been trading sideways for the past 4 days with stretched valuations on yield trade despite underlying weak economy getting worse. US market has finally moved from negative news is good news to push back rate rise to negative news is growth downgrade. Friday night US GDP data update should keep global markets uneasy tonight. Turnover levels moving around, short covering, stretched multiples, falling volatility, bond yield recovering from historical lows were sending warning signs in recent days and we got the big move down today to break the recent positive trend. Momentum has a way of being self-perpetuating. Domestic institutional investors will be looking to reduce risk before going on school holidays with their family in mid April and also before the next interest rate decision by RBA in April. The negative trend may remain through early next week before retail investors take over the market in second week of April. (VIEW LINK)