All of today’s gains were made in the first hour of trade as the market jumped out of the blocks. Thereafter, it ranged traded and drifted into a listless close. Volume was up from the previous two days but is still very light. At day’s end the XJO posted a gain of 1.2%, up 52.3 points and the Small Ordinaries lagged, closing 0.9% higher. Sectors were mostly positive except Telecommunications, down 0.6% and Information Technology which finished flat. Several sectors including Energy, Materials and Property Trusts were 1.5% or better. The market is still range bound and I suspect we’ll need to some decent volume to punch through the top of that range around 4400 on the XJO. Inching higher on very light volume probably won’t do the trick. US futures are flat at the time of writing during the night session so no indication there as to what tonight may bring.

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