Eye of the tiger. Mon Feb 15

It's now the Year of the Tiger and I think we might be in the eye of the storm, the quiet period before another sell off as Chinese markets are closed today and US markets tonight. Two hours into the trading day and we're up 1 point having bounced off early mild lows.
I'm still working with the scenario that this is a choppy retracement but the sell off  is incomplete. The fact that we haven't bounced with any vigour is lending weight to this thesis. Here's the latest 60 minute chart of the Xjo.
Click to enlarge.

Given my overall views, I'm leaning to the short side and looking for stocks which have had a similar sort of unconvincing rally. One Steel is one of these and it's my featured trade today. After a hard sell down from 365 to 299 it had a rally of about 50% to Friday's high of 333. Today it's slipping again and I've short 7,500 shares at 322. When I look at the intraday chart I can see the possibility of another look at that 333 level so I'm keeping some of my powder dry in case I get the opportunity to short some more at a better price.

3.50 We've been in a tight range since lunchtime after falling through till 1.30 pm. The Xjo index is down 18 points.

I've now sold 12,500 Ost at 322 and I'm selling more Challenger to complete the trade I started on Friday. My plan is to move my position size to AUD 75k as I'm comfortable with how I'm going over the last couple of months.

4.19 Not much change in the index, down 17 on the close. Sold 10,000 Cgf at 373.25 so short 20k all up. Cgf closed down 10 at 371. Also short 15,000 Ost so far at 322 which is where it closed.