Small but sweet. Thu Apr 16

A late sign in as I've been busy watching replays of last night's Champions League games. The US returned to form with a moderate rally last night and base metals ran again, this time more broadly, with copper and lead joining nickel and zinc in strong rallies.
Our market is running, up 1%, but seems a little tired after defying falls elsewhere over the last few days. I've sold out most of my kzl at prices of 73, 75, 78 and 83 as it explodes up - bought y'day at 69. It's a fast market so I didn't want to get too clever. I've kept all my mre so far though as they seem less advanced in their run than kzl, up 7 at 70.5 right now.
More to follow later...

2.41 Here's a 30 minute chart of kzl. Just got out of my last lot at 83. The stock still looks good but I felt that yesterday was a 1 wave and we were due an acceleration, a 3 wave. I'm happy to take the fast move.

Mre seems like it's a day back relative to kzl. Here's the daily....

...and here's the daily for kzl. Maybe, it's more than a day behind. Of course, there's no rule to say mre will do the same thing as kzl. Also went short bsl today as it dipped below last week's low, in fact, a bit earlier on the assumption it would do so. The weekly low was 264 and the stock has been as low as 255 today. Shorted some at 269 and a few more on the confirmation of a new low at 263. I also sold a few more shl at 1068 and some tol at 631. Also, sold out some lei a bit earlier at my entry point of 2180 when they started to pull back. Most other things are steady although the early strength has well and truly faded.

3.01 Haven't been through the top 50 today but I did notice that fmg, which has been lagging the rest of the resource sector, has been catching up and has made a potential pivot out of last week's low. Long at 256.I've only bought a small position though as the rally through to early February could have been sufficient. I'll be more interested if the stock rallies through the recent high around 280.

3.33 Finally ran through the top 50 and there's a mix of signals. The banks and bhp look tired. A few things like tel and tcl are near the bottom of their range and are showing signs of strength. A few stocks look close to a peak but probably haven't finished yet while lgl and ncm are a bit soft on the day and are still struggling on weekly charts. Here's the daily chart for the xjo showing continued strength, reflected in new highs but momentum fading.The 60 minute chart of the xjo index shows the run up from the lows late on April 8 has formed out a 5 wave pattern, although with no obvious confirmed top yet.

All this encourages me to want to tighten things up and look to reduce positions, especially where I'm long. However, I can't see anything where I should obviously stop out so I'm just going to have to hope that the market doesn't gap down.

4.16 The futures contract ran into the match out but the stocks didn't really respond. Mre got whacked near the close giving back 5 cents rapidly to close at 65. I had tried to sell a few in the high 60's but wasn't agressive enough. I did sell a few ozl at 61.5 (half of the 2nd lot, bt at 60.5), some csl at 3219 (bt at 3212) and a little more lei, slightly below my entry price (2180) at 2161. Still had a pretty good day.