Following on from yesterday and after a solid night on US markets, our market bounced out of the blocks on the open only to see a turn around and sell off through late morning and early afternoon, giving up all gains. An afternoon rally was again sold off in the last hour of trade, which saw the XJO close down 5.8 points for the session as the bulls were unable to add to the previous day’s efforts. Although the Dow Jones had put on 3% and the Nasdaq 4.3% overnight, the futures in night trading have been down – between 0.8-1% at time of writing. Also an influence could have been Moodys cutting Japan’s credit rating today to Aa3. Reporting season continues – WOR up 10% on favourable numbers against the market tide but BHP closed flat after solid results. Sectors were mixed, the Gold sector feeling the repercussions of the metal selling off overnight (it still posted a record high) was the main laggard – down 1.1%.

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