A tight trading range for our market today which opened with morning gains, only to give them back in early afternoon trade. Choppy trading dominated the afternoon as the XJO eek-ed out a 6.3 point positive close to end the session. This followed a similar session in the US where the major indices opened higher only to give them back and close with flat results. See Scott’s analysis on the S&P500 tonight for a possible bullish case for the US market. Today’s local price action was enough to switch the ASX Systematic Portfolio on, so several potential entries are pending. Also, the Global Macro Portfolio has its first fill with a position in Copper. This portfolio trades both long and short and complements the Growth Portfolio well, which is still in defensive mode and requires the market to swing another 100 points or so higher to get back into action.

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