Yesterday’s trading range was tight, but today’s even tighter. Volume was again very light and intra-day trading was again very choppy, although managing to keep above yesterday’s close for the entire session. The XJO closed half a percent higher and the sectors were mostly positive, Gold the biggest gainer at 1.2%. Small caps are starting to move well, the Small Ordinaries putting on 1%, leading the larger cap indices significantly today. Resource stocks are making some headway – many are being picked up by the systems, both the ASX Systematic Power Setups and the Growth Portfolio, and we are managing to get aboard some in the Discretionary setups. The broader market seems to be waiting for a catalyst to initiate more solid upward movement to break the current trading range between 4131 and 4418, right now it is starting to drift on light volumes about mid-range.

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