Usual cliches apply. Mon Jan 10

I've gone long some Qantas shares at 250 this morning because they're taking off, high flying, up, up and away etc etc. I was watching them on Friday and I almost missed them this morning. It's a reversal trade so I'll need to be quick and clear with my objectives. I'm hoping for a move back into the previous range which is roughly from 260 to 270. As soon as they consolidate, I'll sell out.

11.18 There was some early weakness which reversed and the market almost got back to breakeven. It's back to being lower by 8 but the selling doesn't seem to be there despite more heavy rain in Queensland and minor softness overnight.

I'm out of the last of the Mmx at 138. Could have been more agressive to sell at my target levels in the high 140s. I did get about half away there.

12.43 The Xjo 30 minute chart is just shaping up for a buy signal. There was a higher low and a trade through 4705 - which is about breakeven - would confirm it. Over the last 4 days there has been a sequence of marginal new lows within about 15 points. It's all pretty short term but has the look of a turning point.

2.11 There's a flood of data coming through from China. So far it looks like exports are dropping with imports firmer and a reduced trade surplus. It's the sort of thing that the world wants to see but the market reaction is muted for now. Chinese markets are slightly lower.

Everyone wants China to move from an export focus to domestic consumption and perhaps the market is unsure whether this is happening or the economy is merely slowing.

2.27 Lynas has bounced nicely to be up nearly 9% at 208. I've missed out on that one but have bought Arafura which has a similar trajectory and is lagging today. Long at 142. The breakout level was at around 127 so I'd use today's low as the basis for a stop. Around 137.

4.12 The index battled its way to a rise of 7 points. Aru couldn't follow Lyc and closed at 144. Qan held well and finished at 256. The rest of my positions (Aax, Awe, Kzl, Tls and Wsa) are chopping up and down on a daily basis with no real direction. I'm keen to either see them move or chop them.