Yesterday’s mention of keeping an eye on a bullish divergence has been invalidated in one session as the market experienced further downside today and the pattern negated. Our market was down in morning trade and range traded thereafter for the XJO to finish the day 1% lower, down 44.1 points. The sector board was a sea of red with every one in negative territory. Financials were hard hit again as the big four banks were sold off further, particularly CBA and NAB which were down 1.8 and 1.9% respectively. Other sectors to be hit hard included Consumer Staples, Industrials and Utilities. If there were ever a case to highlight the wisdom of keeping position sizes small and not betting the house, it would be PXS – down 74.1% today after negative product news. Tonight’s session on US markets is not looking that promising at the time of writing, the Dow Jones futures currently down 56 points.