...when the market is expensive, it behaves in unusual and unexpected ways. It reflects fragility.
...today's large ASX fall did not come from a large fall in Wall St on Friday nor any notable loss in premarket US futures.
...the instos sold down today, across index linked stocks, possibly preempting a correction in March. And selling presumably exacerbated by Japan's unexpected GDP uptick which led some to believe an imminent JPY rate hike, sending the Nikkei lower by -2.37%.
...instos are usually the first movers, retailers won't wake up promptly understanding why it happened, until it already happened for some time, then they say its too late to sell.
