The market slipped in early trade but made a reasonable recovery into the close. Fridays are always tricky, especially during US earnings season and more so when the US has an economic release. Overall everything remains intact but the Type-A bearish divergence is still in place and needs respect. We’re doing a full review of the XJO tonight so tune into that for our levels. I retain a 100% long exposure in the Growth Portfolio and about 90% long is the ASX Systematic PowerSetups, not for want of being 100% long. Momentum through the mid-cap resource and energy sectors remains strong so I feel the “probable” trajectory remains up into Christmas unless we get some bad news out of US earnings in the coming weeks. Google reported better than expected earnings after the close last night and in late trading had rallied 9%. The trend is up. No need to be short, but watch that divergence