Setting aside the apparent euphoria flowing from the faux agreement in Europe, the ASX has declined around 10% from March-April highs. It has been bobbing around between about 5400 and 5500 since June 10th. I would predict (and I am often wrong) that in the next week or so there will be another fall back into that 5400 to 5500 range.
The US market has also been flat over that same period with a smaller recent fall.
The Australian economy seems to have further to contract.
Is it the right time to buy?
It is my opinion (for what it is worth) to sit on my cash for a few more weeks at least; to let the dust settle from the falls in China and the recognition that the Greek "agreement" is not a solution.
