genius still, just having a little bit of fun, as it is important to do so, as well as being serious of course. 

We have been making steady progress, and we do seem to be onto something. Nevertheless, anything can happen in markets, and the Dow Jones bounce back was very significant. Some traders will take that as a signal to be buying this pullback in other stocks. Today, I have no doubt, the market, the bulls, will be trying to buy this back up across all sectors. The nature of this attempt over the next 24 hours, will determine if this is just a correction, or, as I suggest, really a breaking of a false beliefs rally of huge quantum. 

Risk, we have our usual loss. Reward, this could be positively significant.

In regard to your overall portfolios, I would really suggest reassessing should the broad indices make fresh lows again over the next 24-72 hours and close lower than where they did today.

RBA left everything as is, which we all knew. I do doubt their economic forecasts, with good reason based on their track record, but also because they are looking for strengthening business and household spending over the next year. Whereas, I feel all of that potential has already been brought forward to the current period, leaving a bit of a void effect over this next 12 months. Once the pipeline of expenditures and works already initiated have run their course. 

The long term chart of interest rates shows just how easy money is today. Basically, people do not have to work to get rich, just as a platform for huge borrowings. This could all end badly in the years ahead. I do not think the RBA is correctly factoring in the loss of immigration, travel, and relationship with China problems, all of which are going to go on for much longer than the market wants to think. 

And that is just it. The market is pricing what it wants to think, instead of the harsher reality than the boom spin prognosis of just about every economist that wants to keep their job at the moment. There is not much reward for these people to other than give the punters what they want to hear at the moment. 

Hope you saw Buffett's comments in yesterday's Model X report.

Have the best of day's,
it was a great sunrise on the beach this morning,

Clifford Bennett