The XJO lost more ground today on an increase in volume and has given up almost half of the March/April rally. This index now displays a well proportioned A-B-C pattern, the question being will it hold. We have several of the same pattern setups either pending or triggered today in the Discretionary portfolio. It was interesting to note than none failed their pattern today despite the XJO losing 0.9% or 44.5 points. They’ve held for today at least. Today’s price action puts the trend in down mode so long trades for aggressive traders only. The model account for the ASX Systematic portfolio is already in cash after taking quick defensive action over the last two days. Today’s sell off was lead by the big banks, the financial related sectors down 1.5% or more. Gold and Oil were down overnight as was the Australian Dollar.