The Ben Bernanke speech mentioned on Friday did indeed prove to be a market mover. Significantly lower in early trade, the US market bounced and ended the session near the highs, posting solid gains to end a volatile session – the Dow Jones and Nasdaq up 1.2 and 2.5% respectively. Our market opened strongly and went on with it in morning and early afternoon trade. It faded a little in the last hour and a half or so but the XJO still managed good gains of 1.5% to end the day 63.3 points higher. All sectors closed in the black – the strongest being Property Trusts, Utilities and Health. We are still expecting more of a test of the August 9 lows -see Peter’s XJO analysis from Friday for his take on likely direction. US futures are up around 0.9% at the time of writing, having been up as much as 1% during night trading so far.

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