Such a tease. Wed Jan 19

It's beginning to get silly, this failure of the index to move out of the range. There was a good overnight lead in to the trading day but we're still digesting yesterday's rally and the market is down 8 points after an hour or so.
A couple of brokers have upgraded their price targets for Fmg, pushing them up to 850. The stock itself opened a few cents higher but is down 13 at 714. I've bought a few at 712. Here's a 30 minute chart and I'm going to use that little consolidation in the high 690s as the basis for a stop.

11.28 I've bought some Lynas at 196. I'm not sure how committed I am to the trade as I suspect that the correction has further to run. I've got a tight stop at 190 or I can use a looser one at about 185. The logic to the trade is that it could be a higher low and a trade through yesterday's high of 199 would help.

11.47 Karoon has delivered on the chart promise it displayed yesterday. It has been running since announcing a successful well in a joint venture with major Petrobras. Up 40 at 820.

12.48 The index has recovered and is at new recent highs although still below April 2010. 

Mmx is also confirming that the pennant correction is complete.

2.24 That's more like it. Some conviction has hit the market and the Asx 200 is clearly through resistance to be trading up 34 at 4836.

Lynas is at 202 but I'm strangely unconvinced. Have sold a few and replaced them with Arafura at 148. I like the chart better, there's a more positive higher low and a good stop around 138.

Fortescue has recovered from the early profit taking and is back to 727. I've sold out my stock and replaced it with short dated calls, Jan 725s. I'm quite heavily long at the moment so it helps to reduce risk.

4.12 Most of the gains held and the Xjo finished up 33 at 4835.

Resolute recovered and has pushed back up 4.5 to 152.5.

I sold out bits and pieces today on the back foot in Awe, Mmx, Ost, Ozl and Qan. Mostly additional stock that I bought on the sell off in Monday.