End of day report

The ASX200 closed up for a second day, rising 35.5 points to 5172. China swooned then rallied, up 2.38%. US futures are up 166. Miners and energy stocks were strong. Another highly volatile day with a 120 trading range. Early falls were erased as China rallied following rate cuts and stimulus efforts. We are still poised on a knife edge and the past two days of extreme volatility remain etched in our psyche. But markets get tired of extreme moves and things often settle down and consolidate before the next move up or down. It is a bit like catching your breath. Today was that day. We are still hostage to overseas markets, but there is a glimmer of hope for something less dramatic in the days to come. (VIEW LINK)