Recession,not sure if all the bad news is factored in, as they...

Recession,

not sure if all the bad news is factored in, as they predict a new round of mortgage defaults next year in the US and US growth likely to fall to zero i.e. close to recession. US rates likely to be cut further and hence bearish on $US.
Whilst the commodities remain strong it seems likely the AUD can only head higher.
Already it appears the buyback is losing its appeal. They did not actually say they would buy the full 10% but indicated they would buy at the lows which the sp was trading at, hence only supporting the really depressed prices.
l still think after the XD we could see further declines and another market correction must surely be in the wind early next year.
l am sitting on my cash for the moment, but remain vigilant.
In the medium term commodiites must come back to earth, China will slow, the US will stabilize and things will look relatively safe, but that may be 6 months away. l prefer to sleep at night.