Yesterday’s market performance notwithstanding, last week was another poor week for the market with effectively every sector in the market now negative for the year and only industrials/prop/service being positive for the year. Are things going to get better anytime soon? Well we’ve been writing the same thoughts for nearly 1.5 years, the market isn’t cheap, we are faced with a declining currency, the economy hasn’t gone anywhere for the past 12 months and looks to be quite quiet for the next 6 months when you see how slow infrastructure projects are being authorised AND the fed may finally raise rates this year. Fun times indeed.