The Dow Jones weathered selling pressure to close flat overnight. This is the second day in a row for such price action as earnings reporting season swings into gear on the US markets. The US futures are down just slightly at the time of writing. On the Australian market it has been a week for the bears as the XJO closed 32.1 points lower for the day. It ended the week 88.43 points or 1.79% lower, enough to turn daily momentum to ‘down’. Losses were broad-based for the day, although the Midcap 50 stocks held up very well compared to big-caps and the Small Ordinaries. The only sectors to finish in the black were Gold and Property Trusts. Gold continues its rise, touching record highs today. Unfortunately we were stopped out of a position two sessions ago in the Global Power Setups Discretionary portfolio so we wait for another low risk entry for the precious metal.