Polyphasic sleeping. Tue Jun 15

Back after a long weekend which allowed me to stay up and watch Australia's humiliation at the hands of a vibrant, young German team. Sleeping in 2 hours multiples is not that great though and last night I set the recorder, which was much smarter, enabling me to whizz through a couple of typically cagey opening games this morning.

The market is also cagey, with the two overnight US sessions cancelling each other out. Nevertheless, I've got a feature trade already. A long position in Oz Minerals at 102.5. I think that this might have made a higher low after the first leg of a bounce which started on May 21st and rallied from 97 to 110. This time the bounce could have started from 99.5, so my stop is a cent or so below that. I'm looking for something around 110 as a basic target, with the potential of pushing a few cents higher.

Base metals have been recovering well over the last few days and they were helped along on Friday by better than expected EU industrial production for April and upward revisions for March.

11.51 Getting cold feet about Cgf because the last leg down, since a slightly lower high at 380, looks like it might need to make a 5th wave low. Out at 348.

4.13 No further changes as the market finished unchanged. Resources were firmer though at the expense of everything else.