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Good afternoon,

Pretty tough old week on the ASX, market down 4.4% with resources and utility stocks outperforming. 
Market doesn't really look that cheap anymore, pretty much +1 SD above the mean
Earnings expectations have finally come down...
What's been cut during April?
Volatility still elevated, both locally and in the US.
And I think while the US is getting its ass kicked by COVID-19 (with a deadbeat President talking about injecting disinfectant!) volatility will hang around... though there is a bit of hope for them yet, positive test % is starting to trend down. Still, doing 5m tests and 1m of them coming back positive is not good (should be about 100,000!) - imagine how many people are transmitting it unknowingly!
Movers & Shakers

Not much to rave about on the positive side this week.  Gold stocks, WTC jumped on reiterated guidance (if you believe them!) and Pinnacle jumped on insider buying and a broker upgrade from Ords. 
A bit of profit taking across the payment companies and some of the recent capital raising names.  Value stocks also had a decent month, but gave up some of those gains this week. 
Not much on the dividend radar until the banks announce this upcoming week.  Don't get your hopes up, a few brokers trimming expectations for bank dividends further this week.
ANZAC Day is our most important national holiday.  I hope you've taken a moment to remember just how lucky you are to be living in Australia and remember it only stays that way because brave men and women do things we'd all rather not think about.  Special shout out to my Dad, Clancy, who served with the SAS in the Iraq war.  I can't find any pics of Dad in uniform so here's a pick of us at the conclusion of the 2018 AFL GF, about 3 seconds after Dom Sheed kicked that goal.
On that note, I'm going to enjoy my Saturday!  Might whack on the 2018 GF for the 3rd time this month.
Have a good weekend, 
LL
Luke Laretive
CEO & Investment Adviser

T  +61 3 8639 1601  |   M  0451 122 656 | lukel@senecafs.com.au
Level 2 Professional Chambers
120 Collins Street Melbourne VIC 3000 
AFSL No. 492686
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