The XJO closed 32.1 points or 0.7% lower for the day which mirrored the major indices in the US overnight. The three majors all lost 0.7% or thereabouts after the US Federal Reserve cut forecasts for short term economic growth there. Our market had a somewhat lacklustre day with many stocks beginning to consolidate over the last few days. Setups are also scarce as the market has run down a way without a decent bounce as of yet. Any setups present are generally lacking a suitable risk/reward scenario so trade carefully. Of the sectors, only Property Trusts found positive ground, up half a percent. The rest were all in the red; the Telecommunications faring worst, down 2.1% after Telstra lost 2.3% for the day. US futures are off a little in overnight trading at the time of writing but not enough to give any indication of a lead for tomorrow.

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