Why the ASX has further to run

While poor sentiment may hinder further gains in the short term, there is no sign the bull market is over yet.

Summary: Australian shares have put on a magnificent run so far this year, with the All Ordinaries lifting seven per cent to reach its highest levels in almost seven years. In some respects, this rally is best viewed as a catch up, given the market’s muted performance in 2014 in the face of falling commodity prices, a slump in the Australian dollar and regulatory threats to our banks. That none of these headwinds have actually dissipated this year – in some ways they’ve become worse – highlights how sentiment has been the main problem.

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