No rash moves. Fri May 14

Despite a late sell off in the US, the Aussie response has been measured so far with the index down 1.1% at 11.26 am. Yes, we're down about the same as the US indices but given our strength yesterday, it's still a measured response. I was worried about some short term longs I'd held onto but they're not down by much and I suspect we're still oversold. There's increasing value in the local market and although earnings growth might have halted, it does make it hard to knock things down in the short term unless we get some more serious overseas weakness.
Gold stocks are still steady to firm despite the metal having stalled in the last couple of days - probably bullish to have held rather than pulled back after a big run.
I'm just sitting with what I've got at the moment and hoping to sell out my short term stuff this afternoon into any strength.
2.52 The market has firmed a little as Japan has improved and Hong Kong is only down about half a percent. I've got nothing new on today but have just cut a couple of trading longs - generally for square or slightly down. I've kept a couple of minor positions although essentially I'm looking to short a rally. I'd like to see some strength on Monday or Tuesday to sell into.