Overnight saw the Dow Jones close 0.9% higher and the Nasdaq 1.3% higher on US markets. As a lead, this provided our market with a jump out of the blocks and opening gains in excess off 40 points. These were short lived however, as the bears took control and erased most of the gains over the course of the day. The XJO closed 12.5 higher to cap off a weak effort on quite light volume. There seems little interest in a bounce at present that many seem to be expecting; consolidation seems to be more on the agenda right at this moment with what appears to be some posturing for further downside. For now the trend is still down and until we get any indication of change we will manage open positions and look to sell any bounces. All eyes seem to be on the Greek debt issues and pending austerity measures approval in the coming days so the results may spark some movement.

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