Last night the Government announced a State of Emergency, our first thoughts, other than being a bit more worried about violence, is what happenend to the market last time?

The market had dropped just over -3% that day, the market backdrop is slightly different in that during 2010 the market was still rallying from the ’09 lows, whereas today we have already come off some 20-30% since the market peak in May ’13. Lets see what unfolds.

As for the impact of the state of emergency on us?

• Well police and military have more power to remove protestors
• The government can block the media, censor protestors etc etc
• If violence gets out of hand will the military step in and do a coup? We still think not

It’s going to be a funny day