The local market snapped out of its four-day losing streak and had a slight rebound this morning. It followed Wall Street's positive close overnight as the US market rebounded from an oversold position from previous sessions.

Investors remain very cautious at this stage and unless we see some clear improvements and signal of a global economic recovery, the market may remain in a volatile trading range. All eyes will be focusing on the upcoming release of the US GDP numbers this Friday as it may give some indication on the direction of the US economy.

Grocery giant Woolworths jumped after the company announced a 10 per cent increase in profits. This provided a strong push to the Consumer sector and the overall index. Suncorp shares continued to be in favour, following the company's upbeat announcement yesterday.

In the currency markets, there is increasing speculation that the Bank of Japan may step in to prevent the Japanese Yen from appreciating further. The Aussie dollar continued to gain strength against the US dollar and the Japanese Yen overnight. However, the Aussie may be facing some headwinds due to the unresolved election results.