Another spike in oil over night put pressure on equities markets. The Dow Jones closed down just over 168 points or 1.38%, the Nasdaq was down 1.61% and the FTSE 100 suffered a 1% drop. This followed through onto our market, the XJO down as much as 47 points inside the first hour of trading. An afternoon rally saw the index claw back some of the losses to close down 23.2 points for the day. This was enough for the daily trend to switch back to ‘down’, however. The Gold sector was the standout performer, up 1.7% after the precious metal also had a solid night, touching new highs. The drag on our market came from most other sectors, in particular Consumer Discretionary and the Industrials. The US futures are down a little at time of writing so its anyone’s guess as what tomorrow will bring – last night they were well up at one stage and a solid sell off was the result during the day session.