Scanning. Wed Aug 5

Just after midday we're down 2 points on the top 200 index in the middle of a tight range for the day.

I got out of Awb early as it ticked through yesterday's low. Out at 133 (v 136.5). I also sold out of Sbm at 23 (v 22).

I had no positions but after searching for movers have since filled the vacuum with 2 new longs in Axa Asia Pacific and Centennial Coal.

Axa has reported this morning roughly in line with expectations. The stock rallied 17 to 449 and then ranged for the next 90 minutes between 441 and 449. When it held the gains and started to firm again I paid 449. It was just an opportunity to get on a running stock although the break of 450 was significant as that was the May high. Now trading at 455.

Cey is another one that has been running for a while. The previous 4 days saw the closing price clustered around 300. Yesterday the stock fell after a strong start and the strength has resumed this morning. Again, it's an opportunity to buy a running stock and there's a June high at 322 as a near term target. Long at 313.

1.19 Sold a few Axa on a spike up to 459. Cey going nowhere along with the market.

2.32 The market has taken a turn for the worse. Axa has reversed to be back at 446 although still up more than 3% for the day.

2.40 I've been thinking about the Cey chart. If you compare the rally now to the one in May and June (or the rally now in Axa) you can see that there's much more acceleration to the earlier move. With that in mind I've cut the Cey for a 1 cent loss at 312.

3.56 The market has continued to weaken and is now down 40 points, just under 1%. Axa has slipped further to be at 438. My feeling is that I might reduce position size but I'll stay long with a trailing stop. I've gone long in Suncorp which I've been bullish about for a little while. Although it's back from a spike high at 802 it's starting to accelerate and is the type of position I'm looking for at the moment. Long at 762.

4.10 Just sold a few more Axa at 442 (v 449) on the match. Market closed down 1% on its lows and looks bearish in the short term.