Overnight the US market posted some nice gains, the Dow Jones up 0.9% for the session. Following suit, our market jumped out of the blocks on the open and was soon up more than 57 points after an opening gap up. This was short lived however, as those levels were rejected as the market slowly gave back most ground over the course of the day. The XJO closed weakly and although gains of more than half a percent were registered it was far from convincing. Volume was also average. We have added a few more trades today after the market’s lack of conviction. There are several data releases in the US tonight including an interest rate decision so more weakness is potentially on the cards. We have been waiting for a bounce to occur as the market has been oversold but to date this downward move that began in mid-April has produced counter-trend moves of between two and five days only.

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