Virtually all of yesterday’s gains were given back today, the market gapping down on the open and losing most of the ground in morning trade. Volume was light, as it was yesterday, and the lightest it has been since early July. Choppy price action continues and adds to the difficulty of short term trading for those not waiting it out on the sidelines. The XJO closed down 64.2 points, 1.4% lower for the session, and is looking like the trajectory discussed in Peter’s Friday review being very likely indeed. Small caps are faring better at present, the Small Ordinaries down 1% for the day as the broader market was dragged down by financial, mining, information technology, health and energy stocks. The Australian Dollar also suffered today amid rhetoric from the RBA as it left interest rates on hold again. Patience required.

Similar stock trading tips:

1. Thursday 14th July, 2011
2. Tuesday 24th May, 2011
3. Tuesday 28th June, 2011