the day of reckoning is here, page-12

Well said Treggs.

The housing market in Brisbane has been declining since mid 2010. Since the floods, I am assuming that this decline will now accelerate and have national not just local repercussions.

We know our big banks are VERY highly leveraged to our property market. We also know that our financial sector is the has the biggest sector weight on XJO.

I guess this means that tough times are likely ahead locally regardless of overseas leads (which have their own fair share of issues). Of course, if the DOW rallies 20%, we won't be falling here but the gap is likely to keep getting bigger (Australia under-performing) given the circumstances.

I have made plenty of short calls before, many of which turned out to be duds. Boy who cried wolf? Possibly, time will tell as always.