Overnight the US market experienced gains in early trade and ground out increases of between 0.5 and 0.63% for the major indices after choppy afternoon price action. Conversely, our market traded in an erratic manner for most of the day after some opening gains and rallied in the last two hours of trade to post good numbers at day’s end. The XJO ended the day up 56.5 points or 1.3%. Telecommunications was the only sector to finish in the red, down 0.6%. Of those to finish in positive territory, Consumer Staples and Energy were the the best, up 1.9 and 1.8% respectively. Metals/Mining and the Materials sectors also fared well. Only time will tell if today will be the start of a bounce of some description that we have been waiting for. US futures are about a quarter of a percent up in night trading at the time of writing and the Australian Dollar has had a flat day.

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