Further good gains on US markets overnight seemed the catalyst for our market to jump on the open with gains in excess of 1%. Intra-day price action has been choppy in recent weeks however, and today was no exception. The highs set just after the open were not seen again as the market range traded into the close. Although the XJO recorded a 1.1% rise, by closing up 45.2 points, there was not a lot of bullish conviction. That has been the story of the last week or so with neither bulls or bears gaining much ascendancy and the market now in ‘no-man’s land’. This action does have the effect of volatility declining which has been the case over the last half a dozen sessions, however. Gold was sold off heavily overnight, closing out our discretionary trade that was initiated on 12th July for a nice 5.7R gain. The sell off also resulted in our Gold sector coming in for the most punishment – down 1.9%. Better performing sectors included Energy and Property Trusts, both up more than 2%.

Similar stock trading tips:

1. Thursday 14th July, 2011
2. Thursday 4th August, 2011
3. Friday 5th August, 2011
4. Thursday 11th August, 2011
5. Thursday 18th August, 2011