The stupid thing is that the Australian market still looks expensive; even if you factor in a massive 8% fall today. Banks are higher than they were and we are only below 5000 because RIO and BHP finally fell in light of the reality for commodities stocks.
If the banks go back to their former lower levels we will be trading around the 4000 mark. Ask yourself this though - would you feel that it was the turning point at 4000?
