Two steps forward, one step back. Tue Apr 7

It's nearly 1pm as I've been a bit busy with some holiday research! The market sold off early, more than one would have thought from a mild down night in the US, but is now bouncing quite nicely. I say nicely because I'm more long than short. I bought back lgl early at 286 - it's now up on the day at 295 - as gold fell hard but the stocks had had enough for the time being.

I've shorted fmg again as yesterday afternoon's rally has faltered. I'm short at 238.

The best news has been in tls, with a quick 10 cent jump to 331 with a high of 337 on good corporate news. Suncorp, sun, has also pushed up to 667 as pressure on the stock from the dividend reinvestment plan has eased.

663 was the high from two weeks ago and given that the stock is clearly through the lows around 600 from last November, I think it's possible that a rally could see the stock move to 800.

1.20 Despite this strength I have sold cost covering stock in sun at 665 (entry was 644), tls at 330 vs last nights entry of 321. Also a little lnc at 200 - this from a second tranche bought at 218 - as it stalls. Also sold out of fxj at 110 as it rallied from a very weak open but couldn't keep going, bought this at 103.5.

3.40 The early rally faded and now the market is on its lows, down 50 points. Tls, however, is near its highs at 336 while sun has slipped a bit but is still up 5 at 655. Fmg is gradually slipping away, now 234, while wpl is still in no man's land at 3923. Over the last day or so I've reduced my position size so that I'm long cnm, lnc, sun, tls and wpl and short fmg. Cnm is a small, longer term position and the others are quicker, though predicated on weekly chart breaks. Hopefully I can do my first run through for the day and check out any new possibilities in the top 50.

4.03 Noticed a few things on my run through, including that the discarded safe havens are starting to find some support. Eg fgl, wow and csl. I've bought some csl at 3212. Here's the weekly with a potential higher low and a small pivot over the last 3 bars.

The daily above shows how the rally in late March overlapped previous lows. The pullback has been a modest 3 wave type with a nice strong resumption today....I hope.

4.10 Sold a few more sun at 650 on the close as today's action formed a doji bar. A bit disconcerting after what looked like a clear weekly and daily break. Admittedly, the overall market was weak. Csl had a weak match but it doesn't really affect the daily or weekly picture while wpl found support and is starting to look promising on the intraday charts.