Fast market. Fri Mar 18

Despite no obvious progress in Fukishima the leads are positive this morning because the situation did not, at least, deteriorate. Much of the rally was built in here yesterday and the market is up just 13 points after 40 minutes but it's a tale of the haves and the have nots. Oil ran hard on the confluence of events in Japan and MENA (Middle East, North Africa) and base metals bounced strongly on reconstruction buying.
The relevant stocks are performing well this morning, including Kar, Lnc and Osh - which I'm now long as I overhedged the puts and let the delta run.
I've sold out some Awc, Bsl and Ozl on gap openings too. Otherwise, I've been punting on the long side in Lynas and Paladin, trying to play the bounce and getting in and out fast.

10.53 Nickel had the best bounce in the base metal sector, rising 4.5%. I've gone long Western Areas at 590 on a break of yesterday's high (with a stop below yesterday's low). It looks like the start of a 4th wave retracement rally.

I've also punted something I haven't traded for a while which is outside my watchlist. Cnbc mentioned talk of Agl and Origin looking at debt crippled wind farm operator Infigen, which was part of the Babcock and Brown empire. The chart looks ok, a potential higher low and a break which has risen above the high of the last 2 bars. Long at 33.

With a news generated trade like this, I generally assume that insiders are already in position but the chart doesn't indicate that so maybe the disillusionment with this stock is too great.

11.13 Out of the trading longs in Lyc and Pdn.

Now also long Resolute gold, again a reversal retracement long. Had a few overnight and bought more at 105.5. Most of the gold stocks are bouncing today.

11.29 I don't know whether it was the US drones but the spent fuel rods have finally been checked. They have cooled substantially and the pool has been almost refilled. The Japanese indices are maintaining their gains, up 3%.

This reduces the risk of one of the biggest wildcards.

Also, electricity may be restored to reactors 1 and 2 by later today with 3 and 4 to be back by Sunday.

12.57 The market has worked its way up steadily and is now at 4595 which is a rise of 39 points. The Japanese indices are up about 2% and most of the other local majors are up less than 1%. US futures are firm and finally, I feel like things have calmed down and I can walk away from the screen for more than 30 seconds.

Ipl has pulled away from the turning point. Unlike most of the other charts, this could be a simple a-b-c pullback with the chance of a new high. The retracement held above the October to December trading range so theoretically, new highs could be in order. Mind you, I find that possibility unlikely and I'm simply hoping for a move to 440ish.

1.10 The Japanese recovery has been assisted by co-ordinated support to weaken the Yen. Here's a 30 minute chart of the USDJPY; nice day to be a currency trader.

And Infigen is finally going into trading suspense. Cnbc has been announcing an impending takeover bid all day.

3.13 The market just keeps running, up 66. Here's a 30 minute Xjo chart.

Infigen has pushed up to 35 despite saying that they have nothing firm that needs to be announced to the market although they are in discussions with different parties.

4.05 I'm looking forward to the weekend. I've had a good week but it has been exhausting. My exposure is only slightly reduced going in to Monday so I'm hoping that the nuclear situation continues to resolve and the Northern Hemisphere markets have some bounce left in them.

4.15 The rise was 71 points. It might be sell on open on Monday if we get another good lead.

Arrivederci!