The ASX is still enjoying a massive tailwind from iron ore prices, with spot prices close to $120/tonne.
My concern is how long this tailwind will last. But the ASX 200 advances unperturbed, heading for a test of its 2007 high at 6830. Penetration of the rising trendline is unlikely but would warn of a correction to test support at 6000.
I continue to maintain a high level of cash in my Australian Growth portfolio because of long-term headwinds.