Remembrance Day. Thu Nov 11

As we approach 11 am, the market is rallying with a distinct lack of enthusiasm. Up 22 points but after the recent underperformance you might have expected more. It turns out that yesterday's sell off was triggered by Chinese trade figures showing big falls in copper and iron ore imports for the month. These are pretty volatile and while the overnight metals fell, it was fairly mild and pretty much unwound the previous night's gains. I was scouring the news wires for info yesterday but I couldn't find a summary anywhere. I should turn on the volume on the financial TV stations.
My positions are solid enough today with the exception of Aristocrat, down 8 with steady selling around. I'm getting cold feet about this one. I read that it continues to be heavily shorted despite most analysts looking for a big profit rebound. Maybe there's a view around that the recovery won't come through. I think I'll keep my stop pretty tight here. It's early in the session but it looks like the sell off is gathering momentum.

Actually, I just went early and stopped out at 350. Beat the rush as it fell straight to 347.

Jobs numbers come through at 11.30.

11.35 A mixed picture on the jobs numbers, more jobs overall but an increase in part time and a decrease in full time. Unemployment up to 5.4% but compensated for by an increase in the participation rate. Overall, it reduces the need for another quick fire rate rise in December so the currency has dropped from earlier highs to a tick or two above parity. The index has come off the high of up 30 to be stronger by 16; presumably there's concern about a drop below parity on the AUD triggering some carry trade selling.

12.06 The moment passed and the AUD has held for the time being with the market back up 23.
I'm not doing much. My positions are ok but only Lnc is looking particularly good.

1.07 Chinese inflation figures just came through, higher than estimates and more reason to raise rates over there. The market here looked ready to reverse into the red only to recover as the Hong Kong market opened with a fall of 0.5% while other Chinese markets are flat.
I'm concerned about the possibility of support failing so I've sold the extra Awe from yesterday at 180 and a couple more Linc at 247 in case it turns out to be a lower high.

1.21 The Hang Seng is up now so perhaps it was better than the local market feared. The Aussie market is quite schizophrenic today but it does have the potential to run. I don't like the overlap yesterday but if the Xjo index can push through 4730, then it has made a reasonable buy signal on the shorter term charts and will also have pushed through near term resistance which is the swing low from late Tuesday.

2.05 The index went through 4730 but is still playing hard to get and is a tick below.

I've added a new, short term long position in Challenger. I'm hoping that it has completed a pennant correction and has now made a higher low. Long at 468 with a stop below 455 and a target around 500.

3.07 Out of Awe at 180. I'm slightly disappointed that they haven't rallied more today and I think they could have a second leg down, perhaps to partly fill the gap. I'm a buyer lower down.

3.57 It's been a day for the out of favour stocks with the steel companies and Murchison having big recovery rallies. I was tempted to get on Ost earlier but I've been trying to catch a lot of knives lately so I decided to have a go in a week or so if it looks set to make a higher low. In hindsight, a break of yesterday's high would have been worth a try.

4.13 The close for the Xjo was 4729, up 29, but just below the breakout level. I'm cautiously optimistic.

Arafura failed to rally today but Lynas recovered some more. I sold a few just below the closing level, at 144. Pna bounced somewhat to 77.5 and since I'd got overenthusiastic and supersized that one, I sold out some stock at 77. Only real disappointment was Ausenco which was under slight pressure all day and fell a couple of cents to 244.