Overnight the US markets continued the volatility, giving back most of the previous session’s gains in choppy trading – the Dow Jones down 4.6% at the close. Our market held up well considering, although it was probably pre-empting a positive move in the US tonight as the futures are up about 2% at the time of writing during night trading. Price action on the ASX was erratic to say the least – down and all over the place in morning trade before a late morning rally, it sold off and rallied again before drifting into a flat close. The All Ordinaries ended down 3.9 points and the XJO down 0.5 of a point. Telstra had a cracker after a positive earnings result, closing up 5.7% which put the Telecommunications sector at the top of the leader board. The Gold sector also had a good session closing up 3.6% after more record highs for gold overnight. We’ll continue to watch for low risk opportunities from the sidelines and allow the market to settle.

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