After a relatively good week, our market sold off hard on Friday down as much as 25 in trading but ended up closing down around 1.5%.
In just the last two days of trading, the market wiped out all of the gains of the past two weeks. The ASX 200 closing at 5548 for the week.
Look at the yearly chart and you can see just how volatile the market has been. Starting the year at 5500 points, going as low as 5150 points, as high as 5950 points, and now trading at 5548 points.
The volatility is on the back of the uncertainty in the markets both in Australia and worldwide.
Greece is still an unknown as we went into the weekend; couple this with last Thursday being end of financial year options expiry that accounts for the increased volume in trades.
Finally, with the end of the financial year being only two days away I suspect that fund managers are trying to sure up their returns for the financial year by booking losses to offset gains during the year.
I suspect that early next week Greece will be resolved, and we should see the market bounce back a little.
We saw some more positive news this week with job growth rate at the fastest pace since 2011 and Reserve Bank expected to keep interest rates on hold into 2017.