The Australian market opened weaker despite the positive lead from the Friday session in the US, but managed to claw some of it back over the day, rising somewhat through the day in a relatively quiet session. It wasn’t enough to get into positive territory though, closing down 17 points (-0.3%), with 20 of the top 30 traded stocks finishing lower.

Another day of consolidation as profit taking and general malaise infected the market. Comments from the RBA on interest rates seemed to imply that we are at the end of the rate cut cycle as they appear happy with how the economy is responding. A warning from Carl iCahn last night on valuations was enough to blunt the US assault and fed through to our time zone .It was never going to be easy Knockin’ on Heaven’s door as the atmosphere at 16,000 is rarefied indeed. All sectors were easier with financials leading the way with National Australia Bank Limited (A$34.07, -0.8%),Westpac Banking Corporation (A$32.54, -1.0%),Macquarie Group Limited (A$53.11, -1.0%) and Australia and New Zealand Banking Group Limited (A$31.92, -0.6%) the worst of the bunch. Westfield Group (A$10.52, -2.4%) also took a hit as did other property trusts as GPT Group (A$3.62, -1.6%) entered the fray with a takeover of Commonwealth Property Office Fund (A$1.265, +5.0%). In the final countdown the index closed around 5352 down around 0.6%

Resources fell away too with BHP Billiton Limited (A$37.90, -0.1%),RIO# and Fortescue Metals Group Ltd (A$5.88, -0.2%) mildly easier as was the gold sector as it continued to struggle .Newcrest Mining Limited (A$9.16, -0.9%) fella way taking Perseus Mining Limited (A$0.32, -11.1%) with it, Regis Resources Limited (A$3.11, -2.8%),Resolute Mining Limited (A$0.55, -2.7%) and Silver Lake Resources Limited (A$0.625, -3.8%) continued to be on the nose. It appears that the new black is BitCoins not Gold these days as punters embrace the digital currency whilst eschewing the shiny metal.

Industrials Csl Limited (A$68.35, +1.1%) bucked the trend but everything else was soggy and water logged from the soaking Sydney has received in the last few days. Telstra Corporation Limited (A$5.11, -0.8%) fell, Wesfarmers Limited (A$43.75, -0.6%),Woolworths Limited (A$33.86, -0.7%),Brambles Limited (A$9.23, -0.8%) and REA Group Ltd (A$41.36, -2.9%) the stand outs. Retailers held out big hopes for the latest click frenzy online mega day but failed to inspire as a numbers of investors run the beauty parade game over Dick Smith. ”Mirror Mirror on the wall ,which is the cheapest retail stock of all?”

Energy stocks also fell with Santos Limited (A$14.50, -1.6%) and Origin Energy Limited (A$14.26, -1.0%) the leaders.

Feeling unloved and neglected today were Ten Network Holdings Limited (A$0.27, -6.9%),ERM Power Limited (A$2.55, -5.9%),Transfield Services Limited (A$1.285, -3.7%),Orica Limited (A$23.26, -3.5%)(Ex Div),Panaust Limited (A$1.65, -3.8%),Csr Limited (A$2.65, -4.3%) and Qantas Airways Limited (A$1.125, -4.3%) while Commonwealth Property Office Fund (A$1.265, +5.0%),Mount Gibson Iron Limited (A$1.12, +3.7%),Wotif.com Holdings Limited (A$4.40, +1.9%),Sirius Resources NL (A$2.52, +2.4%),Washington H Soul Pattinson & Company Limited (A$14.68, +2.7%) and #FLN# were in demand. Volume was on the low side as AGMs continued at a pace and funds cleared the decks for the upcoming float season. Will certainly be the season for Investment Banks to be jolly at this rate with around $11 bn of floats this year after only $5bn in 2012.

Asia also came in for some profit taking with Japan and China in the red(get it) and Hong Kong, Korea and Taiwan in the black. Volume in Australia was once again anaemic, all the big players must have been at AGMs or our Life Sciences conference. .