Many traders must be thinking ‘Thank God Its Friday’ after a week that the market would rather forget. The XJO ended the week 4.6% lower after a further 1.5% loss today, down every day for the week. Those were disciplined in adhering to stops, practicing sound risk management and trading with the trend however, would now be on the sidelines from the short term portfolios with not too much damage done, ready to face another day. The ASX Systematic Portfolio for example is now 100% back in cash and will remain so until the market swings higher and the appropriate conditions met for buy signals to kick back in. Let’s hope that Europe can take a larger step in the right direction than they did this week in sorting out the issues that hang over the world markets. Have a great weekend.

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