The local sharemarket has closed lower as investors struggle to maintain the confidence that marked the earlier months of this year.
OptionsXpress market analyst Ben Le Brun said that although mining stocks had performed better on the local bourse today, the overall market had generated slim pickings.
"It does appear that we are in a downward trend," Mr Le Brun said.
He said the sharemarket in Japan had risen strongly, a day after Japan's central bank announced aggressive action to pull the Japanese economy out of an extended slump. But no other markets in the region had followed suit.
Mr Le Brun said the Australian market's strong run upwards had not been commensurate with company earnings, and at some time company earnings would have to catch up, or share prices would have to come down to reflect reality.