Waiting on China. Thu Oct 22

The US market sold off late driven by bank selling but resources, which closed before the late fall in US indices, were very strong. Along with Spi option expiry today, this has led to a flat slightly better than expected performance in the first hour. Just after 11 am the Xjo index is down 6 points. A raft of Chinese figures come out today including 3rd quarter GDP and September industrial production so they'll probably influence the market later on.

I'm out of a few positions early on as they're not really going anywhere. Sold Tts at 253 (v 252.5), Roc at 68 (v 68.5) and Rmd at 535 (v 540).

I've bought Fmg at 403 on a resumption trade (or Joe Ross traders' trick entry) as they pass yesterday's high.

Tls is down a couple of cents early on and I added to my position at 321 soon after the open as it looked ready to drive up. Vba is also a tick below the close but regaining strength as the futures rally.

12.25 Not much has changed although our outperformance is starting to contrast markedly with weakness in Japan and Korea. US overnight futures are steady though.

I'm long Seek now, an online employment agency, which has been upgraded recently. I bought at 659 and 660 with the stock trading at 659.

1.20 It's a wild little period from just before 1pm until now as the market digests the Chinese numbers, which were around expectations with some below and some above. The market is slipping now but very slowly. I'm trying to sell out of Vba which rallied and have now stalled.

1.42 Cut Fmg for square at 403. It's as much a day trade as anything, punting the Chinese numbers, so with the market falling fast I thought it wise to get out.

2.11 Out of Telstra at 317 (v 320,321) and Vba at 54.5 (v 53.5). Vba was a tad unlucky, first in the queue at 55.5 for a long time with the stock well bid. It wasn't rational to sell down, being at the head of the line but a large order took out all the stock at 55. Just long Seek now. The DJIA chart is still in an uptrend but looking weak in the short term so I don't mind this state of affairs.

As my positions are all long most of them are failing over the last 5 or 6 days as our market tops out too or at least falters after a good run before that.

4.10 Bought more Sek towards the close to take my average entry price to 661.5. They've closed at 665, which is level with the recent high. I hope they do something like Mmg which has pushed to new highs after a similar tight saucer shaped correction.

The market has closed down 26 points or 0.5% with Asian markets down about 1% or more.