European markets were slightly up overnight, the FTSE + 0.5%, which probably lead to some initial gains on the open for our market, absent any lead from the US. These were quickly squashed as it lost ground throughout morning trade and range traded thereafter to close near the lows for the day. It was a very subdued session; a low range bar on low volume. At the close, the XJO was 12.6 points lower. With the daily trend in a neutral zone we see the ASX Systematic Portfolio offering no signals today after five position fills today. The Discretionary setups are evenly poised with half a dozen long and short setups in place as we wait for the next directional move. US futures are currently flat so offering no insight for tomorrow. The Australian Dollar was down for the day during which the RBA left interest rates on hold. It is trading at 1.0697 at the time of writing.

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1. Tuesday 7th June, 2011