Commentary Following yesterdayA¢A_ATs rise of 2.5%, the Dow Jones Industrial Average (11415) is now down by just 1% year-to-date. This statistic conceals both the extent of movement and the enormous volatility experienced since the start of the year. Indeed, ignoring the direction of movement from one dayA¢A_ATs close to the next (i.e. whether negative or positive), the average has moved by a total of 16475 points so far year-to-date (daily close to daily close). In the last decade, and over the same portion of the year, greater movement has been recorded only once, in 2008 at the height of the global financial crisis. The same applies to the JSE All Share index (30514): the index has moved by 46558 points on a daily close to daily close basis and this was exceeded only in 2008 when the index moved by a total of 62377. In the case of both the Dow Jones Industrial and JSE All Share, the total movement for the year-to-date is some 50% more than the current level of the underlying average or index. This is very high compared to preceding years and indicates the extent of uncertainty and indecision in the market. Put differently, there has been an enormous amount of movement over the past eight months for very little end result. We remain equity averse and expect the established ranges to remain intact for the foreseeable future
