Is the bottom in? One of the greatest contrarian indicators during bear markets is when the “professionals” move to cash, and the latest Global Fund Managers Survey has current cash levels at their highest since the 2008 top:
Early days yet but the ASX200 was up nearly 2% on the open as Yen weakened and Aussie dollar is trying to get back up to 70 cents as we await the next Yuan fix and Chinese markets to open.