The ASX200 enjoyed a strong “risk-on” session on Wednesday which resulted in a gain of 1% fuelled by over 70% of the main board advancing, gains were led by the recently underperforming Resources, Consumer Discretionary and IT Sectors while selling was noticeable in some of the traditionally more defensive names – a day early after last night! The index has been range-bound between 6750 and 7650 for almost 15-months and yesterday we closed basically exactly in the middle of the range, whatever technical methods some subscribers may prefer it’s hard not to have a neutral bias towards the underlying index whereas beneath the hood the story has been different on the stock and sector level due to a number of major macro events.