Bungee. Tue Mar 17

The bungee jump market continues as we've shaken off a flat overnight lead to be up over 1.5% with macquarie group the standout, up 166 or 8.3%, on what must be some massive short covering. Supposedly short covering is also driving the spi which moves over to the June contract in the next day or two.
A quick run down:
Spi - grinding up but has only just squeezed past the early high of 3400 and looks a bit tired.
Bhp - has had a 3 wave rally which could push up to new highs, but there was not a lot of strength overnight.
Ncm - a bit similar to bhp - up 32 c on the close, but short of recent highs and lacking momentum.
Wow - a good clean run this morning but it's pausing now.
Wpl - ran early but could be setting up for some sort of fall, possibly just a retracement of the morning surge.
Cba - looks toppy after making a marginal new high.

Mqg - still powering

Qbe - forming a tight range. Has underperformed other financials recently.

2.17 Having a very quiet day but short bhp now at 3150 as it tops out.

4.01 Tried and failed to close my bhp out at 3181 (stop was 3156 but I couldn't bring myself to cut - why not?) so now waiting on the match. The market is up 3% which is quite extraordinary given no news overnight but not in the context of a strongly reversing chart.

I've gone long fgl at 538 on a weekly break, implying a higher low at 517. I'm getting tired of the daytrading and since I'm not much good at taking time off I thought it better to return to something a bit lower key. There are also too many cuts in the daytrading, I find it wears me down.

4.10 Stopped out of bhp at the high of the day as it closes at 3190.