Renewed weakness in the Eurozone has made up my mind for me and taking the view that last week's corrective rally is complete, I've attempted to find shorts that weren't tonked on the open and sold the last of my speccy longs which was Minara.
The shorts I found were in Fortescue, Murchison and Oz Minerals and they're all the same thing - a stock that has rallied far enough so that there's a reasonable amount to be made if there's a marginal new low, and the risk can be capped at last week's high. Fortescue has already given me a good gain since the open so there's not a lot of point featuring that one. The best of the other two is probably Ozl.
I'm short at 106.5 with a stop around 111, 112 and I'm hoping for a quick move below the recent low of 98.
2.25 The selling accelerated into 1pm, since when the Xjo index has steadied. Still, we're off 2.6% and it's the same story in Japan, Korea and Hong Kong. US overnight futures are pretty weak too as we near the European open.
I've got a long in Lihir which is up slightly and the other one is Ipl, down 3% on the day but above my stop. Otherwise, it's a bunch of short positions which are performing quite well.
4.00 Out of Ipl now at 301 and 300 as the market continues to sink, down 3.1%.
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