The market is down 0.5% at 11.40 am and my performance has been dragged down by Mml which is defying strength in gold to sell off further. The chart looked shabby on Friday afternoon and I would have been better off to sell the lot rather than just under a half. The stock is quite whippy and I get the feeling that there's a big seller overhanging the market. My inclination is to hang on now because it's quite possible that the seller will disappear after June 30th and the stock will whip back, and if not, the stock is close enough to levels where natural buyers will step in.
I've sold out of Telstra for a minor profit. I timed my buying quite well, getting in after the sell off from the initial euphoric rise on a deal with the government. If there was any enthusiasm for the stock, it should have been driving up and it wasn't, so because it wasn't behaving as I'd hoped, I got out rather than waiting for a stop. I also sold out more Challenger on some early strength. It's back down with the broad market now but I'd like to rebuild my position if it shapes up again.
My trade for the day is a short in Asciano. I'm assuming that this has run its race having bounced solidly in 3 waves since a low in May. I'm short at 167.5 with a stop just above last week's high of 173.
1.43 The market has been making an attempt to bottom and I've bought back shorts in Fmg at 437 and Ost at 309.
3.32 I'm beginning to think we're making a short term low. Fortescue has held quite well and is now up 7 at 443. It's probably a good indicator for the smaller resource sector. I don't think there's anything to buy right now but I'm hopeful that tomorrow morning might offer an opportunity or two.
Bought back a few Bsl at 217.
4.12 No further action, but the market edged up. Mml got smashed though, down at 415 and missed my chance to cut early.
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