Australian stock market participants had the weekend to contemplate some solid downward moves on US markets on Friday night. The Dow Jones, S&P 500 and Nasdaq Composite were down 2.2%, 2.5% and 3.3% respectively. Unless the futures recovered some ground in the night session which they have not at the time of writing (down around 1%), it was always going to be a hard slog for our market today. At the close, the XJO found itself down 111.6 points, a decline of 2.8%. Volume was light though that was heavily influenced by NSW, ACT and SA having a public holiday. It looks like the August low could well get a serious test in the coming days. The sector board was all red, with the exception of Health which was up 0.2%. Financial sectors, Information Technology, Materials and Metals/Mining were the biggest drag on the market, but many others were not far behind. Will the bulls step up?

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