So it goes. Wed Nov 11

Another good start, the Xjo is up 24 points as we approach 11 am. My positions are slightly down despite this although it's not unexpected. My approach is to hold on to most of a position during a minor retracement because usually I'll get an opportunity to sell out at a better level. But it means that if all the signals have come close together it's quite likely that a fair few of them will be (hopefully just) pulling back together. For example, I like Cey and think it will push above 350 but it's trading down 6 at 340. I have sold about a third of my position in the low to mid 340s so perhaps that's the compromise solution that allows me to have the patience to stay the course for the bulk of the position. Yesterday's buy signal in Stockland Group was confirmed and I bought at 385.5 early on. It has pushed on to 396 quite quickly. I've also got a new short position - hurray! - that I'm working my way into. It's in Transfield Services, project managers, and I'm short a few at 416. The stock looks like it has had a completed retracement rally and reversed from a minor new high yesterday. It's most likely I'll just get a spike down to new lows if it works out but it's had a big enough rally since July that there's room for it to develop into something more.
11.48 Shorted more Tse at 409 for an average of 412.5 as the stock tests the lows for today.

12.37 Stopped out of the balance of Aoe at 405 (v 405). This is a judgement call but I suspect it will pull back and make a higher low and because I got in at 405 rather than 398 when the signal was made and my stop would be 380, I felt like the risk/reward equation didn't stack up.

I probably could have thought that through when I got in but I do remember that I had a contingency plan to stop out on a quick surge to 425-430 if that happened.

2.52 The market has been bumping along the top of the day's trading range for most of the day, up near yesterday's high.

It looks like it might be topping out soon, but not quite yet. It looks more likely to chop around like the last few days. If it was to open strongly and quickly reverse in the next day or so that might signal the end of the recent run up.

I just sold a couple of Sgp at 403 (v 385.5) to take advantage of today's surge. Otherwise, Mirvac Group is also doing well today, up 8.5 at 155.5 and it's in the same sector.

3.51 I'm struggling to concentrate today, not surprising as there has been a more normal two signals - buy Sgp, sell Tse - today after the plethora of the previous few days. Not a lot has changed although my new trades have had immediate benefit today, unlike yesterday, with Sgp up at 403 and Tse down at 407.

3.58 Chinese IP numbers came out along with import figures showing reductions in purchases of copper and iron ore from last month but seasonally this doesn't seem to be considered negative. In fact, I'm reading more and more comment that it's about time the resources sector went for a run.

4.13 The market has closed with a gain of 23 points. There have been significant pullbacks in a few of my longs, eg Cey down 10 at 336, Cgf down 6 at 380 and Ipl down 6 at 268 while a couple have continued to run. It amounted to a very modest up day.