Going, going, gold. Fri Dec 17

Maybe it's just a correction in a long term trend, but the gold chart doesn't look great. A minor new high and now a sell signal.

Partly because I don't fancy the gold chart, I've stopped out of Rsg at 127. It's a little early because it has only matched (not broken) Monday's low. This was a play on a second leg up with a tight stop and I'm happy to have limited the cost to a few cents.

10.32 Index is down 5 points, ignoring a good lead but we did outperform yesterday.

I'm resolved to try and trim my position numbers because the trading is getting increasingly flighty. Yesterday's total of 10 is too many generally so the sale of Rsg helps. My heart isn't really in my short position in Lynas so unless it's weak today, I might chop that too.

11.26 One Steel is stretching my patience. Down 5 at 262 and close to support. More choppy action.

12.08 Given the state of the market, I don't want to be stopping out too easily and even Rsg has recovered to 128.5. I held Wsa through the first tight stop at around 595 preferring to focus on the recent lows between 570 and 580. The stock has held, a big line was crossed up, and it's now bouncing. Looks a reasonable buy now and I've added a few more at 591.

2.08 Watching the cricket and it's as if someone put a curse on the team. Missing simple chances and confidence shot to bits. Aussie cricket is ferociously loyal to its captains but in Ponting's case, it would be more accurate to say that the selectors have been suicidally loyal. Quite obviously lost the team and lost his nerve.

Not a lot happening. Out of the short in Lyc at 149.5. After I realised I wasn't committed to the trade, it seemed silly to stay in.

Ozl, Pdn, Tls and Wsa performing well. Ost recovering from its worst, I bought more stock at 262. Qan still a bit iffy.

2.32 At last the tide is turning in the cricket after 8 days of very uncomfortable viewing for local fans.

Doesn't seem to be having a knock on effect on the market though. Down 10 in quiet trading.

3.31 Just drifting lower, off by 14. My pozzies aren't moving much and after there was finally a great session for Australia, I'm keen to wind up for the week and watch the rest of the day's play. 

4.15 The Xjo index closed on its lows which was at 4763, a loss of 21 points. A bit of a random walk period for the market except if you'd acted on the takeover rumours in Awc, which has had a parabolic rise.

Bought back a couple of Pdn, sold a couple of Ozl.