Collapsing over the line. Fri Apr 16

The Xjo index actually closed above 5000 yesterday at 5002. It was above 5020 during the day but failed to hold indicating that there's not a lot of buying interest at these levels. Today, we've latched onto some after market weakness in the US following a seemingly good Google result (sell on fact?) and the index is down 22 points now at 11.40 am.
I was going to write about a short in Centennial coal but the horse has bolted already. I was able to short some at 451 and I've bought most of them back at 435 on a quick slump in the share price. That leaves me with a long in Alumina. I've bought at 170 as the stock has been retracing from a recent high of 189.5 and the last swing low is at 164.5. It looks pretty dreadful but the risk reward stacks up and it was looking very good at the time when it peaked.

Not a high conviction trade, more of a playing-the-odds trade.

4.15 The market ran along fairly quietly for the rest of the day with a late afternoon rally reducing the deficit to 17 points. Awc held ok, finishing at 169 as did Ipl, while I sold out the rest of my Fortescue options.