For the fourth straight session, the day’s lows were rejected by the market, this time soon after the open. Positive territory was found in early morning trade following losses on the open and choppy range-bound trading ensued for the rest of the day, fading to the bottom of the intra-day range on the close. The XJO closed down just 3.9 points. From a discretionary trading point of view we continue to post setups as we find them but remember you do not have to take all trades. Trade carefully in this environment without betting the house and be very selective. The Global Macro Portfolio was launched today for those wanting some diversity from equities. It is presently the only systematic portfolio taking entry signals as the others wait for the market to swing higher before getting involved. Earning season on the US market is upon us and really hots up next week, so some movement and volatility may not be far away.

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