The yo-yo continues for the ASX

ASX has picked itself off the mat again this morning having been knocked down yesterday - the second time this week.

So far the ASX has moved down 1.9% on Monday, up 2.63% on Tuesday, down 1.86% yesterday and now finds itself up 0.9% today at 4786 points, for a net loss of 17 points or 0.3% for the week.

Volumes have been sporadic due to end of financial year reports and book closing however this does not explain the volatility.

The best we can put it down to is bears of the AUD selling out of the dollar and thus selling out of the index positions, while those that remain invested in Australia are jumping in on cheap entry points heading into full year reporting season in August.

With the US on holidays for Fourth of July celebrations, expect the remaining hours of today’s trading session to be volatile as the ASX remains rudderless with no major market to drive it in one direction or the other.

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