Clearing skies. Fri May 28

It's all looking fine again and despite having pre-empted some of the overnight move in yesterday's trading, the news was good enough to send us up another 71 points at 11.20 am.  We've pretty much got to where I thought a correction in an ongoing downtrend could get to and there's still plenty of momentum so I'm leaning towards the low having been made with quite a good chance of another 150 or so points of rally as the first target would be the last swing high on May 13th.
The featured trade is another bullish one, this time in Awe. I'm long this at 208 and it's another retracement trade with a similar pattern to everything else at the moment. It's just lagging slightly which is why I'm still able to put it on. There could be a reason for this; it's a prime candidate for tax loss selling, having been a big underperformer this tax year, but I do think it's a little early for that as our tax year ends on June 30th.

Here's the chart.

1.51 The market is gently easing back and I've been taking profits here and there. I'm out of Awc now as it has eased back and most of the Ozl, which is up to 109, along with a few Qan at 244. I've sold out of some other long positions as well although in most cases I'm looking to get back in on a pullback. Actually, after another hectic week, I'm kind of distracted and wishing that I'd organised a lunch.

4.02 Heading into the match out, the market is back to the top of the range. I'm still pretty long but have trimmed again - out of a few more Qan on a blip up on April passenger numbers. I just had a little option punt on Mqg, buying some June 4500 calls, they're lagging the other banks slightly.