A choppy session with downside bias for our market today. Losses ensued from the open before erratic range trading from late morning to mid afternoon, followed by another sell off and range trading into the close. The XJO closed 1.2% lower, down 52.7 points. Sectors were all down except Consumer Staples which finished flat. Energy was the main drag, 2.7% lower whilst Health, Materials, Metals/Mining and Property Trusts all suffered around 1.8 – 1.9%. This followed a flat session on US markets overnight for the Dow Jones and S&P 500 and a half a percent lower close for the Nasdaq. US futures in night trading are currently down three quarters to one percent however. The market is starting to drift a little so there is not much more to add today other than to stay patient and let the market do its thing until better opportunities are presented.

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