Tight shoes, clowns... Wed Sep 8

Things the market hates.....tight shoes, shopping centre Father Christmas's, drivers who don't use their indicators, American chocolate, oh and uncertainty. I've been listening to the financial and political news over the last day or so as the election result has played out - usually I press the mute button - and I would like to hear a fuller list of what the market hates so I can learn to understand it better. The pundits are united in agreement about the uncertainty thing but it's not going to really help with shopping for presents for Mr/Mrs Market.
After a weak but lightly traded overnight session in the US, the Australian market has chopped around for most of the morning and at 11.23 am, we're on the day's lows, down 25 points.
Gold was up overnight and I've been hoping to get back into a gold stock or two on a pullback. I missed Sbm yesterday at 35.5 and they're back up to 37.5. I managed to buy back into Intrepid though as they sold off yesterday and were weak early on. I bought at 92, 90 and 88.5 before the stock bounced back to where it is now, 93.5. Long at an average of 90.5 with my stop at around 80. This is in a strong uptrend and there's a pretty good chance that Iau goes straight to a new high above 100 without having a more elaborate 3 wave correction.

Stocks exposed to the US housing market are reflecting a growing school of thought that the worst has passed. James Hardie and Boral have been quite strong in the last week or so and I've also gone long some Boral at 470 this morning. This is another buy where I'm getting in on a pullback but I missed the best of the day in the low 460s and I may have been too hasty here. However, it's another situation where I think the trend is strong in the short term, although unlike Iau it's probably a corrective rally, and the short term momentum should carry me through. My stop is at around 450 which would be a break of a little swing high and back into the previous range.

1.03 After losing momentum but grinding up for the last few days the Xjo index has traded below the lows of Tuesday and Monday. I'm quite bullish over the next week to ten days but can see the chance of a retracement over the next few days. Here's the chart.

3.02 I've got qualms about Boral regarding a lazy trade entry so I've sold half out at 475 to reduce the risk there. I've also sold out half of the Intrepid at 95.5, on the 50/50 chance that they make a lower high although they're still rising, up to 98.5 now.

The index is near the lows, down 33 points while Chinese and Japanese markets are down 1.5 to 2%.

3.49 Out of the other half of the Iau at 99.5 and 103 as it turns into a day trade, hitting my target already.

It's still rising too.

4.14 The closing mark was 4537, down 36 points.

Intrepid covered a couple of mark downs in Challenger and Karoon. I bought a few Lynas at 120 - another fast moving stock but unlike Iau, having more of a pennant correction, I think. I was hoping this would drift back to 108-112 but it doesn't look like it's going to happen now. It means I can't risk buying too many.