Our market began the day with promise, up more than 48 points in opening trade, no doubt taking a lead from the US which saw the Dow Jones posting more good gains on Friday night and up 1.36% for the session. The early gains on the Australian market were short lived however, as the bears took charge and sell offs ensued in late morning and late afternoon trade. The XJO did manage to close 0.4% higher to record a positive day, up 19.5 points. This was enough to switch the ASX Systematic Portfolio back on from its defensive mode so orders are there for those that follow that system. From the discretionary trade point of view we remain wary that recent price action may be just a bear-market bounce. As it stands the daily trend is somewhat neutral and today’s weak effort is not a positive sign. The US market is closed tonight for the Independence Day holiday.

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