Excessive volatility continued on US markets overnight as did the up one day, down the next theme. The Nasdaq and Dow Jones closed 4.7 and 3.9% higher respectively. Unless the US market rallies tonight it will have a down week so it could be that the ASX bucks the trend for once. The XJO ended the week 65.31 points or 1.6% higher, whilst today it posted a 0.8% gain after a less volatile session. Early gains were given back over the course of the day to close well off the high on soft volume. All sectors managed to close on a positive note. US futures are indicating that the volatility may persist tomorrow, down over 1% at the time of writing. In Europe the moves to ban short selling is spreading with France, Italy, Belgium and Spain implementing bans tonight. They join Greece and Turkey which have already taken action. To end, a quote from Jesse Livermore:- “It never was my thinking that made the big money for me. It always was my sitting. Got that? My sitting tight!”

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