The daily trend has turned down and therefore the ASX Systematic Power Setups has turned off. Stops on the system’s trades have tightened up considerably as the system goes to cash for as long as the daily trend remains down. The Growth Portfolio remains on and and any signals that present still taken for that portfolio. From the discretionary trades perspective, a break of minor support around 4700 would be a more convincing argument for short trades. However, we will keep an eye out for opportunities in the meantime. The market is still very much range bound, lacking conviction in either direction at present. For the record, today saw the XJO close 1.8 points lower. The RBA left interest rates unchanged today at 4.75%. The floods in Queensland and Victoria being seen to ‘have a temporary adverse effect on the economy’ from the RBA’s point of view.