Same songsheet. Tue May 11

Massive reversal rallies overnight with the US particularly interesting as they jumped 4% early then traded in a narrow range all day. The Euro didn't bounce as much as hoped and the Aussie market has reacted in fairly typical fashion with some early strength which has petered out.
I sold out all of my longs early at reasonably good prices. I went too early in Qan, getting an average of 264 when it's 268 now. My targets are of lesser importance to me at the moment than the time that I hold the trades ie I don't want to be in long positions for more than a day or two while the trend is so strongly weak. It's now quite possible that we've had a V bottom with the dramatic reversals of the last day or two but I still favour the downside. Here's the latest Xjo daily chart.

My featured trade is a short position in Stockland Group. They're not the most exciting stock for short term trading but I've had some joy with them in a small way. I'm short on the retracement towards the breakdown at 396. So far, short at an average of 392 with my stop at around 400.

1.54 Lunchtime has brought another leg down in the market - down 27 points - as Asian markets, which didn't catch fire yesterday, have again failed to show any enthusiasm and are a tick above breakeven. Sgp has dropped to 385; I thought I might get a few away at 393, 394 but it's still a reasonable outcome. Awc is down today too, peaking early at 170.5 and now at 164.

4.15 Markets and US futures kept drifting lower. The Xjo closed down 52 points. This is textbook stuff and we could get smacked again tomorrow. Bought a couple of Awc back at 162.5 and some Sgp at 384 to placate the gods.