Famous last words. Thu Jun 17

"Famous last words" is what my assistant said yesterday as he glanced at the blog and noticed that I said we looked set fair for another firm day. It's past midday now and we've had the June Spi expiry with no major fireworks, only a slow descent of 19 points. In mitigation, I mean that the trend is up and looks incomplete, so that down sessions are more about gap filling at the moment. Here is a 60 minute chart of the Xjo index.

We drove up early yesterday and chopped around for the balance of the day. It looks like we're doing some more retracing today but I expect to see yesterday's high beaten before we get much of a pullback in the very short term and even then, the rally is probably incomplete.

Although I'm playing around with a couple of trades, they're generally short term things which I'm late into. So, no featured trade as yet.

3.11  I was altogether too sanguine about today and the market fall gathered steam so that we're down 44 points. I've cut my Ipl position at 306 which looks like a temporary peak and is still short of my target. But I wanted to take something off the table and I think there's a chance I could get another buying opportunity in Ipl. I can't find any interesting short positions yet, except for one I already have in Sgp.

4.12 A slight recovery for a close of down 32 points. Tomorrow will be the test.