Our market, aka the proverbial washing machine, has continued on its recent form, erasing yesterday’s gains. The XJO closed down 1.4%, losing all ground on the open and range trading thereafter as it clings to an old support level set by significant lows in May and July 2010. Small caps suffered more, the Small Ordinaries down 1.9%, the Gold sector was down 2.2% after the metal came under pressure overnight on futures markets, whilst the only sector to close in positive territory was Consumer Staples – up just 0.1%. The market has effectively gone nowhere for four months and time is running out for that to change before the year is out.

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