Another action packed day at Headingley saw the start of a superb fightback from Australia, as expected.

The Pakistani batsmen were unable to ram home the huge advantage setup by their bowlers, and ended up with a lead of just 170 runs, when 250-plus should have been on the cards.

With the manic conditions possibly settling down, Australia were able to wipe off most of the deficit and be only 34 runs behind with two wickets down.

Ominously for Pakistan, Ponting has led the charge on his favoured Headingley ground, and with 61 overnight, he will want to turn that into a big century.

With the fightback, the Aussies narrowed to $1.90 overnight, and Pakistan went out to $2.15. Those of you who had backed the Aussies high can now either lay them off, or back Pakistan.

With the quick fall of Pakistani wickets early in the day, the draw blew out to about $50, but with an unbeaten partnership in the final session between Ponting and Clarke (who is batting with a lot more application this time), it has come in to $11.

What I expect to happen on the third day is for Australia to bat on for most of the day, and build a lead of more than 250. If this happens, Pakistan will continue to widen, and will be worth backing, and the draw will narrow somewhat. Watch out for a mini-collapse along the way. There are showers forecast for the final two days of the match, so that may come into play, and the draw could still be good value at these levels.

If Australia collapses again, things could get interesting, and it could all be over very quickly. This innings will be a big test of their character coming off a disappointing first dig.