In a perfunctory nod to overnight falls on Wall street the Australian market opened down more than 70 points but some bargain hunting or perhaps short covering ahead of the Australia day holiday tomorrow has meant that the fall is only a tad over 1% at 12.16 pm.
I've actually got no new trades today as most stocks in my watchlist are in a downtrend already or are having modest countertrend moves which might continue for a day or two. The only thing I've done is to complete my selling in Cgf with another 3000 at 408 to leave me short 12000 at an average of just over 413. It's trading at 406, down 8 on the day.
Lihir gold, my other short position, is down 4 at 302. It rallied intraday on Friday and showed some resilience for most of the morning but now it looks like pushing down to new lows.
4.13 A grinding retracement made me glad that I was cautious about looking for shorts. The market has finished with a loss of only 33 points. I bought back the 3000 short in Cgf at 408 for square less a few dollars cost so in the end it's as you were and I'm using the original 9k short at 415 for my calculations. With the market closed tomorrow I'm happy with just a small book.
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