Bending the bars. Fri June 12

It's a cagey day with the Xjo up, then down and now back up 18 again before midday. The overnight lead was mildly bullish with resource prices firm again but with Bhp and Rio trading lower than the Australian close.

It's pretty erratic trading. For example, Fmg was up 20 early and is down 18 now. I suspect we'll slide as the day goes on.

I've put on a new trade in Lynas corporation. It's breaking out of a trading range just below its highs so looks very promising. Long at 53.5.

There's nothing much happening with my positions. The biggest mover is Gbg, down 2.5 to 89, but I'm pretty happy to stay long this.

12.25 Sold out of the last Axa at 401 (v 392). Didn't have much left and it's just chopping about.

I'm interested in Beach Petroleum which is setting up well. Here's the daily chart.

1.41 Just sold a few Lyc at 58 for cost covering.

3.41 Sold a few more Lyc at 59. The market overall is close to its highs, up 29 points. There's no particular rhyme or reason - perhaps financials have the edge. The local banks are edging up variable mortgage rates due to US long bond rates going up - although they get most of their funding locally. Most of the smaller competitors have gone broke so you can draw your own conclusions.

4.19 The market eased off to finish with a gain of 15 points.

I actually bought another stock today, Ozl. I'm not generally comfortable jumping on when the horse has bolted but the stock has been held back because of concern that an alternative proposal involving a hefty share issue would get up. It hasn't and I think there's a fair bit of catching up for this one. Long some stock at 105 and some August 90 calls at 18.5.

Here's the daily.