Breathtaking and hard to comprehend

From where we are standing pretty much everything is selling. The turnaround from six months ago is both breathtaking and hard to comprehend. It can’t just be sunshine that’s made the difference! The fundamentals six months ago were about the same as they are now with the exception of a slight tweak in interest rates. It will be interesting to see the effect on the market of today’s reserve bank announcement on the need for banks to hold more capital. Not sure if it’s really necessary, given the banks had already taken a change of position around LVRs and taken a more conservative approach generally. Stand by.