Sunset Strip | Aussie market worked hard to limit further downside and delivered a mid-range negative day

Sunset Strip | Aussie market worked hard to limit further downside and delivered a mid-range negative day. The commodity market now looking at 4 commodities on a daily basis to set the market trend while our view on them are (1) Gold - BUY (2) Iron Ore - HOLD (3) Oil - Sell (4) Copper - Sell. We warned clients with short term perspective to take profit yesterday with macro and technical indicators moving into negative territory. ECB gets technical green light for QE while the question remains on how far will they go? Given the repetitive use of the slogan whatever it takes, the expectations are high. US reporting season needs to show strength or we expect US markets to roll with the main indices have moved below 50 day MA and now sitting on 100 day MA on technical basis. Japan and China remain a mystery between structural change, growth and stimulus. Domestic policy makers are talking more budget cuts as they see further downgrades on falling oil prices. (VIEW LINK)