Last Thurday I told a guy not to withdraw $150K from the Commonweath Bank and put it in a safe deposit box. Earlier that day he ticked the cash box on his super. His risk appetite had departed and is not likely to come back soon. This is how the market feels.

The excess liquidity held by bottom feeders on Monday has now been furnaced (as we anticipated) so its now a case of capital availability on top of risk appetite.

I am likely to tick the "high growth" box on one of my super funds after the US election dust has settled. With shares now sort of repriced my "risk aversity" is now locked onto property portfolios which are held by my super funds. These portfolios are subject to formal valuation processes that will mark them to market at reporting date.

(By the way I am not the representative of a financial services licence holder. Under current regulations I can be sued for providing either good or bad advice that loses someone money. So if Kevin Rudd had not later guaranteed CBA balances, I was risking a toasting for speaking common sense.)