Perhaps its the wrong sort of poor sentiment, feels more like...

Perhaps its the wrong sort of poor sentiment, feels more like disillusionment than capitulation. There's been a steady erosion of prices but no major sell-off to create the sort of bargains that might bring money off the sidelines.

Looks like XMJ will finish down around 30% over the FY, with many commodities off a similar amount, but AUD only around -4% over that period. That's not helping equities, but seems to indicate foreigners much more bullish than ourselves.