| Weekly Trend: | Down | |
| Daily Trend: | Down | |
| Daily Momentum: | ___ | Flat |
Some would say the market did well today, but taking a closer look it was a poor performance. Firstly early trade saw the index +52pts before closing at +22, so well off the intra day highs. This weakness was due to comments surrounding the Greece deficit issues and more Eurozone concerns. We’ll see how they play out in the coming days but that concern is still playing with traders nerves. Secondly, and perhaps more importantly, Westpac results were well received driving it up +6% as well as dragging up NAB and ANZ. These three combined accounted for a rise of +31 index points, so remove them and we actually would have had a negative day. All in all we’re looking for the market to offer up a little more bounce over the coming week, but its struggling. Larger picture we retain the view that weakness will prevail into mid-year and expect the index to drop toward 4000.
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