The XJO was down more than 58 points in early trade but fought its way back during the day, closing strongly on average volume. It ended the day up just 2.1 points. The turnaround catalyst seems to be the news of Osama bin Laden’s death which has also sent US futures high in night trade. The Dow Jones futures are up 88 points at time of writing. The Industrials, Metals/Mining and the Materials sectors rebounded well on the news, although the Health sector was the strongest for the day, closing up 0.7%. Energy and Gold sectors were weak, down 0.6 and 0.7% respectively. A chart of the XJO shows a stunted A-B-C pattern and so brings several recommendations of the same pattern with better formation in the Discretionary Portfolio. Following on from Friday, the Growth Portfolio remains in defensive mode for the day.