I completed selling in Tse at 386 so that leaves me short 13,000 at 387.5 average. It wasn't the greatest trade execution again in this but the stock is down at 384 now.
My trade of the day is another short in a resource stock, this time in Alumina. I've completed the order early, selling 30,000 shares at 162.5. I'm looking for a quick move to a new low here and I've taken the trade because there's been a decent enough bounce from last week's 153.5 low to give me some profit potential.
It has actually edged up to 163.5 since my short despite a quick sell off now to down 39 points.
12.27 The market is down 49 and I've been buying bits and pieces.
I bought 3,000 Tse at 378 because I figured my trade entry was poor so there's 9.5 cents on 3,000 which is, ah, 285 dollars profit. I also bought back another 2,500 Ipl because it rallied enough to make me unconvinced that there are further lows coming. Price was 332 and the short is at 338 so it's another 150 dollars profit and I'm still short 5,000 hoping to buy on the back foot.
1.37 Here's the Ipl chart showing a fairly neat 5 waves down. Although the 5th wave could have further to go, it looks unlikely given the size of the bounce back on Tuesday and Wednesday. I expect it's more likely to form a higher low over the next couple of days.
3.06 Transfield had another sell off so I just bought back another 3,500 at 375 for a tick under 440 profit. Still short 6,500. Also short 30k Awc, 15k Cey and 5k Ipl. Market down 38 points and slipping after an early afternoon bounce.
4.14 The market rallied into the close to finish with a respectable loss of 26 points. My positions are ok although Awc finished towards the top of the range at 165.
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