The market finished with a small gain today, the XAO up +0.2%. After being up early, the market sold off most of the day to finish with a short spurt which took it back into positive territory.
The day's trading lacked breadth. The Small Ordinaries was down -0.5%, while the 50 Leaders were up +0.4%. Only two of the ten Industry Sectors were up, and they were the two big ones, Financials, +0.6% and Materials, +0.4%. Financials have been oversold recently, so were due for a bounce.
Overall, the market lacked much conviction, but the bears still haven't overcome the bulls. This market is still in "indecision" mode. The market has basically been going sideways for eight days now, and today's trading represented an "inside" day. These are often followed by a range expansion day. So we could see a big move tomorrow which will determine the further short term direction of the market. We continue to wait for the market to show us the way.
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