Gold closed at new record highs overnight and consequently the Gold sector on our market was the only one to close in the black for the day. It was a sea of red as the majority of sectors were down more than 3% at session’s end. It would seem the bears are not finished yet as our market was punished to the tune of 3.5% (XJO) after heavy losses in Europe and the US overnight. London’s FSTE 100 -4.5%, Dow Jones -3.7%, S&P 500 -3.7% and Nasdaq Composite -5.2%. The XJO closed 149.3 points lower for the day and ended the week 70.72 points or 1.7% lower. A few stocks also suffered badly as they reported today of all days; Billabong down 26.1%, Goodman Fielder down 19.8% and QBE closed 5.6% lower after being down as much as 10.9%. Needless to say, volatility remains high and further patience is required to let the market settle. Next week could well determine how the market is going to treat the pivot low of last week.

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