dow up 400 and we go negative..go kev., page-47

O'seas investors would be very aware that tonight is budget night in Australia and will be watching with interest - esp. for signs of any definitive news re. the mining super tax.

If they are hoping for some modification from Rudd / Swan they are going to be disappointed.

Expect Swan to tough it out and 'hard sell' the Super Tax. Rudd has done too many backflips that have hurt his electoral standing and cannot afford another - no matter how 'justified' it may be.

Our market is not just down because of the "Rudd Factor" - but it certainly doesn't help.

Doubts about the Greek rescue package and the effects of another huge (US trillion dollar) rescue spend are and will weigh heavily on the market. Massive volatility as we are currently experiencing on global markets is not helping as such volatility is more often than not associated with market tops rather than market bottoms.

It is time for caution and to build up those all important cash reserves -- well, at least that's what I am and have been doing.