As is often the case when the market trades in such a tight range, the intra-day price action today was very choppy with swings from lows to highs and back, the day ruled by indecision. The result was a flat close and a mixed bag on the sector board with some of the defensive sectors doing best. This came despite US futures being up around half a percent in their night session for most of our trading day after the major indices were down between 0.8 and 1.3% overnight. Billabong continued its slide, treated ruthlessly by the market and losing more than half its value in two days. The trend remains down and our divergence indicator is just starting to look a little oversold.

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