With the US markets closed overnight, it was to be Europe to lead the way where some big moves were recorded. The FTSE 100 -3.6%, Germany’s DAX -5.3% and France’s CAC 40 -4.73%. In night trading US futures are down around 1.75% at the time of writing and have been lower. With all that going on it was always going to be a tough day for out market. It range traded most of the day after losing ground on the open, fading into the close to finish near the lows for the session. The RBA leaving interest rates on hold did not seem to even register a blip. Small caps fared marginally better than the larger caps as the Small Ords closed down 1.4% compared to the XJO at -1.6%. Energy was once again a weak sector – more than 2% lower and the Gold sector was the only one to close in the black. We’ll continue to manage the positions we have and not rush into poor quality setups.

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