This has engendered some caution today after a nice bounce yesterday and I guess I share that caution. I'm happy to have a pretty small book at the moment. It's still long but I have added another short today in Ipl.
It's similar to Sgp (which is close to stopping me out) in that there's a retracement which might have traced out 5 waves and a couple of recent swing highs which provide low risk stop levels. If it's the first part of a larger retracement - ie, an "a" wave of an abc move - then it will probably fall most of the way towards the recent low of 275.
12.13 The market is down 50 points or 1.1% now and it's starting to look overdone in the context of Asian markets where the Topix and Kospi are flat and the Hang Seng is down about 0.6%. With the potential for a big surprise tonight in either direction the probability is that we'll recover a little from here.
2.22 We haven't had much of a bounce and it's faded away so that the market is down 47 points again. I'm hoping for some strength from here on in because I only sold half of my Ipl at 314 and it has drifted down to 308. I'd like to get the rest of the short position in place at 312 or better.
4.17 Well, a rally of sorts came along to leave the index down 37 points while the Spi continues to bounce now that the physical is closed. I was able to sell a smidgin more Ipl at 310 on the match out.
No comments:
Post a Comment