Sticker shock. Tue Apr 13

The Dow Jones Industrial Average managed to close above 11000 last night although the S&P 500 couldn't manage 1200. Meanwhile, the Aussie equivalent is 5000 on the ASX 200 and we're shying away from it. Admittedly, the all ordinaries managed to break that level yesterday but these days it's the top 200 index which is the most watched benchmark. We haven't been helped this morning by the opening shot in the US earnings season with a fractionally disappointing (didn't beat estimates) Alcoa result after the US market close which has dampened overnight US futures and taken some of the steam out of our resources sector.
So down 18 points at 11.37 am and I haven't initiated any new trades.
Fortescue has been upgraded quite dramatically by Citi and that's holding its ground at 526 but is well off an early spike to 540. I sold my stock out yesterday and this morning in the high 520s leaving me long the April 500 calls.
I started shorting One Steel yesterday with the idea of trading a pullback with a tight stop. I sold a few at 409 and thought I'd wait for today to do any more as yesterday was stronger than I'd anticipated. Anyway, they've had a problem with a blast furnace and they gapped down as low as 394. I sold a few more at 403 which I bought back at 395 but it's slightly disappointing as I was hoping to get short a reasonable quantity at around 410 when planning for the day. The Ost chart is below.

3.51 The 5k aversion rolls on and the market is down 37 points with Alumina one of the worst performers, down 11 cents or 6% to 177. Fortescue is holding up pretty well at 520 although it's generally a day for defensives with Telstra the best performer. It's a shame about One Steel which is down at 394 - I had stock to sell on a bounce to 403 over lunch but it never made it. My other steel short is ok though, Bsl is down 6 at 289.