More erratic price action was the order of the day as the market gyrated back and forth in a tight range all day. The end result saw the XJO close 12.8 points lower and the majority of sectors also ending the day down. Small caps bucked the trend, as did Utilities, Gold and Consumer Discretionary sectors. For the week, the XJO managed to gain 98.08 points or 2.39%. Financial media have much focus on a speech by Ben Bernanke at a Fed Reserve conference during tonight’s US session so the expectation seems to be that it could be a market mover – which direction is anyone’s guess! For now, the trend is down so the best odds are with short positions and that is our focus until conditions change. The market is slowly settling in volatility terms but price action is still skittish so tread lightly.

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