A lacklustre session on the Australian market with choppy trading in a small trading range, but managing to close well off the lows if that is any consolation. The XJO is doing its best to cling to the support zone it is currently sitting in, but with volume again light today, we are yet to see buyers step up to the plate in any meaningful way. With the US market looking shaky in the last few days we may well see further downside before the next rally. Momentum has also turned down to add to the XJO’s woes. Quality setups are scarce and follow through rare. Perhaps the golf course is the place to be right now, but if you are trading then the name of the game is capital preservation. If you run out of capital, you can’t play. For the record, the XJO closed down 17.2 points for the day and lost 3.89%, down 181.21 points to end a tough week.

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