Low volume, Low Liquidity, page-46

The ASX peaked in early August. Up 6% year on year. After the latest losing streak the ASX has given up those gains.

Term deposits held with the banks have reached another all time high.

Fed Reserve policy meeting this week (double check that) a chance they could hike rates.

Possibility of a Trump win and uncertainty of what effect that will have on the market.

Uncertainty of the potential consequences of the Brexit yet to play out.

Pirate party likely to be elected in Iceland.

Italian banks on thin ice with a referendum that might be a pervert for Italy leaving the EU pending.

Greek debt, it hasn't reared it's ugly head again but it will soon.

Fears of how the market will react to BOJ and the ECB ending their lose policy.

Nearly 1 million people expected to be displaced from Mosul and the surrounding areas as the Kurds push IS out of Iraq. Adding to what I'd already the largest displacement of people since Second World War.

Military build up in the south China Sea.

But mainly the election and the rate decision.

Investors used to be quite tolerant to Geopolitical risks. When Russia annexed the Crimea the gold price actually went backwards.

After 9/11 it took the market 6 months go recover from the crash. It took less than a week after the Paris attacks.

I think people are becoming more adverse to mounting geopolitical risks as they seem to be snowballing.

Looking at the market as a whole I would IMHO, say that investors are on the sidelines and de risking their portfolios until after the election.

Which then takes us into a typically low period of liquidity and the potential for a fed rate hike if not so this month.