Quite resolute. Tue Jun 22

The early action is quite resolute, just a 0.5% fall despite the US selling off to close flat after strong early gains. I'm not too sure what to make of it as I'm dazed with fatigue after another night of World Cup action.

The Xjo is getting close to the swing high at 4653 in mid May before the last drive down. It's a reason to be cautious.

2.21 The rally petered out around 11.30 am and we've slipped to a 42 point loss. Mml is up though, which is encouraging because gold fell overnight.

Otherwise I'm not adding any new shorts because the rallies are far enough extended that I don't want to short without the suggestion of a lower high. Once a trend sets in, it can be quite stubborn so while I'm comfortable enough shorting a choppy overlapping correction, I need a bit more evidence of weakness now.

On the long side, I'm interested in Telstra which surged yesterday on a deal with the government but has quickly retraced much of that move. The move through 329 was quite significant and if 320 becomes support then I'd like to pick some up around there. Here's the daily.

4.10 An afternoon of water torture for the market as we edged ever lower to finish down 1.2%. Just about the worst in this time zone and perhaps, a little too gloomy given that we rallied much less than most Asian markets yesterday.