Aussie market was treading water today as the world waits for US job data to come out and give some guidance to when the US Fed is likely to move on interest rates. We also had S&P index changes announced today (i.e. on page 3) and the stocks that got into 200 and 300 saw index fund buying and the opposite for stocks that left the indices. This strategy changes for stocks that went in and out of the 100 as small cap index managers were forced to sell out of the stocks that went into the 100 while forced to by underperforming stocks that left the 100. The global investor selling looks to have subsided after the first 30min. Local investors were cherry picking while waiting for US to set the trend for next week. China also joins the market malaise next week and Shangbang will entertain us again (VIEW LINK)