Continuity. Tue Jan 4

It's nice to see that the rhythms of yesteryear have carried on. A very strong overnight lead and even stronger trading yesterday in Asian markets led us nicely into the first trading day of 2011. With a surprise drop of 45 points on Friday, it left the market looking cherry ripe for a nice rally. Instead, an early rise of 20 or so points has been reversed and the index is just off its lows at 11.33 am, down 11 points.
I'm not by inclination a permabull, but I felt that our market underperformed last year and became quite cheap. I suppose it doesn't help that Queensland is under water.
Aru and Lyc continue to run hard. Sadly I'm out of Lynas but still have some Aru on board. I sold a few at 162.5 early on.
I've got a new long position in Kagara Zinc at a tick under 84. I'm buying a breakout here but there's a fair bit of strength in this as it looks to me like the chart has moved into the fast section of a third wave. Stop is at around 78.

1.22 Just noticed Intrepid, up at 213. I almost bought back at 201 this morning since I thought I was impetuous to sell out at 201 on Friday.

Market might have bottomed (intraday). Made a slightly higher low at around minus 15 and is back up 2 points.

Mmx still looks poised to pop and I bought a few more at 129 today.

4.13 The final figure was a drop of 3 points in the Asx 200 index but most of the weakness was in stocks with exposure to the Queensland floods like banks and insurers.

Arafura was the pick for me, finishing up 26 (or 17.6%) at 174. Otherwise, the rest of my longs were up except Ozl which slipped a half cent.