Our market jumped on the open with good gains and added to those with a rally in early afternoon trade. It range traded for the remainder of the day, but held onto the gains well albeit on light volume. Up 1.7%, the XJO closed 69.8 points higher, just overshadowed by the Small Ordinaries which gained 2% so small caps doing well. All sectors finished in the black, the strongest being the Materials and Metals/Mining sectors, up 2.2 and 2.3% respectively. This followed a solid session on US markets on Friday night where the Dow Jones ended up 1.45% and the Nasdaq up 1.82%. This saw the US Systematic Portfolio switch back on although no signals were generated. Today’s price action on the ASX also sees the ASX Systematic and Growth Portfolios back on and the first buy signal for the Growth Portfolio since taking defensive action in early April. Having preserved capital during the downtrend, the opportunity is there to participate in up trends when they present.

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