Overdue. Thu Jan 13

The peak in the Brisbane river has been reached after being downgraded below the worst fears. It will stay at the peak levels for much of the day but the weather is good in the short term. Bullish overnight leads, including large resource price rises have helped the Australian index to rise 1.1% as we approach the end of the first hour of trading. Rises are across the board and my portfolio of long positions has performed pretty well.
I'm out of the last of my Telstra call options at 288 equivalent as I prefer to focus on the faster moving stocks now that the market overall looks ready to push to new highs.

Western Areas gapped through the 629 resistance as it opened late after declaring strong quarterly production figures.

12.23 The market held the early 50 points and then ticked higher without any appreciable pullback leaving it at 4783, up 62 points.
Western Areas is running hard and I've sold a couple out along the way.

Finally getting a move in Wsa has encouraged me to hope that Ausenco might be ready to go again. I bought a few more at 313, 314 this morning.

The only disappointment today has been the steel sector with Bsl down 3 at 218 and Ost unchanged at 265. Sold a couple of Ost earlier on at 268 but no Bsl at 223, unfortunately.

I'm having another nibble at Karoon. I've paid an average of 735 as it's right on a large support base and while not breaking out yet, it has plenty of upside.

2.19 I posted the wrong chart under the Karoon note. Here it is, adjusted for the passage of a couple more hours and showing good signs of strength. Still well and truly in the range but having traded higher than at any time since Dec 14.

3.31 One of those days, in a good sense, and Karoon is up at 781 where I've sold a very small amount. Also sold a handful of Aru at 156.

4.12 The gains held and the index stopped at 4795, up 71 points or 1.5%.

Also sold a few Ozl at 174. Best performers were Kar, Aru and Wsa.