Left at the starting gates. Fri Jun 11

A week of minor misjudgements has left me with the wrong book today. The US indices bounced strongly, once again following the lead from this time zone, but this time taking it further. We've peeled off earlier highs but the Xjo is still up 51 points just after midday. It seems about right because we had been leading the rally.

Resource stocks recovered again, while gold fell. I got out of my golds early, the options in Lgl and the stock in Sbm. My exit prices were ok although Lgl has slightly surprised me by holding up well with a gain of 2 or 3 cents. It's only a slight surprise, Ncm is the driver and it still looks good. I'd like to get long Lihir again but I want a better entry and I think I'll stick to stock rather than options because I'm less convinced now that we'll get an explosive move.

I've put on a new resource long in Alumina. There's a recent double bottom, close enough to provide a nice stop level. I think it's likely to be a trading range play with a move up to around 170 most likely. Long at 156.

3.02 I'm pretty evenly balanced now, with equal longs and shorts and no particular sectoral bias. It's been a choppy week and while the recovery has been strong, I'm not super bullish precisely because the market is so choppy. Here's the Xjo.

I haven't cut Sgp because it went through my stop and pulled back below. If anything, it looks a better bet since I want to fade the rally and it's got a pattern that's looks close to completion. I'm stretching the stop out to 406.