Banking jitters. Mon Feb 8

The late, late show in the US market helped to set things up for a bounce back today but the Reserve bank in Australia is pulling the guarantee shortly so the banks are under pressure. Cba, for example, opened up 50 cents, pulled back 80 to be down 30 on the day and is now up 37. The othe big banks are still down on the day and in the major resource stocks we're simply matching some late overseas mark ups without any buying enthusiasm. All in all, it means we've risen 13 points at 11.17 am.
My take is that the fall is incomplete but we could easily rally for a couple of days so I'm buying my shorts on weakness.
In Alumina I bought 10k at 156.5 on the open for a 600 dollar gain, leaving me short 10k. This was an open of up 0.5 cents only compared to 2% US gains for Alcoa. I should have bought the other 10k, it's 159 now but not enthusiastically bid. Bld and Cey are flat, while Tse which was well bid on Friday has reversed to be down 12 at 373. I bought 2k at 375 for a 250 gain.
I'm short Challenger on some intraday trading but although it's working it's a marginal trade and not worth featuring.
Aristocrat is maybe my best option but I'm still reluctant because I'd like to get long in the 420s rather than the 440s. Here's the daily chart.

Click to enlarge.

I got a buy signal on the trade at 446 but I'm waiting to see how solid the early market gains are as this stock can be thin and affected by sentiment.

12.21 The market has been rallying, up 35 now. I'm out of Tse, I think I can get short at better levels. Bought 2k at 372 then the last 2,500 shares at 382 for another 450 profit, so 700 all up, less 16 costs.

I think the significant break was at around 410 so it's possible that with a higher low on the cards, the stock can push back towards 400.

1.56 Today has been quite volatile, clearly indecision reigns, and after the surge to midday the market pulled back. It's steadied again but Asian markets are down, ignoring the late US rally, and I'm betwixt and between.
Awc surged as high as 164.5 and I bought back the last 10k for 163, a 50 dollar loss. Overall, the deal made 1200 less 32 costs.
Bld and Cey are steady but I'm more hopeful than confident at the moment.

3.47 I'm just short Boral and Centennial Coal. I've been watching the 60 minute chart for Cey and with the retracement rally having stalled below 365, I think there's a good chance that it drives down below Friday's low of 342.

4.13 The Xjo index has closed with a gain of 7 points on a choppy, lacklustre day. Nobody's convinced by the late US rally but if Europe turns around then there could be some buying tomorrow.