Early gains on the ASX of over forty points did not last long and steady declines followed throughout the day with a small, choppy bounce in the last hour of trade. The end result being the XJO closing up 5.7 points for the day and down 77.18 points or 1.69% for the shortened week. Faring worst on the sector board was the Energy sector closing down 1.2%. Of the gainers, Health and Information Technology were the best, both up 1% or better. The rest were mixed. Also mixed was the US market overnight; the Dow Jones closing up roughly 0.5%, the S&P 500 up 0.2% and the Nasdaq down 0.3%. US futures are down just slightly at the time of writing. At week’s end we have the Growth Portfolio continuing in defensive mode and not taking new buy signals and both the ASX and US Systematic Portfolios 100% in cash. Let’s hope for some improvement next week.

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