Losses on the open and a sell off through mid-afternoon ensured a significant down day for the market. An attempted rally from around 3.00pm was also dismissed and turned on its head so the market closed near the day’s lows. The XJO ended the day down 1.8%, as the more volatile sectors of Materials and Metals/Mining bore the brunt, along with Property Trusts, all down 2.4% or more. It would seem the politicians are at it again in Europe with more bickering than fixing at the previously mentioned summit, and as has been the case for some time, the market reacts with venom. Today’s decline was sufficient to turn the ASX Systematic Portfolio ‘off’, so whilst no buy signals will be generated until it is back on, stops on existing positions will tighten up – respect them.

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