A mildly positive night on Wall Street which was largely built in yesterday, a pullback in commodities and largeish overnight drops in BHP and RIO have resulted in a weaker opening this morning. After 37 minutes the Asx 200 is down 19 at 4738 but it's looking like a standard sort of retracement. Here's the 60 minute chart. Yesterday afternoon saw the first correction of the morning's acceleration and this morning we're seeing the next leg. Support is around 4710 and the index could grind down all day, I suppose, but there doesn't seem to be any commitment to the early selling.
My stocks are mixed but the moves are small, best performer is PDN which is up 5 at 328.
12.56 The market is down 22. My positions don't require any action and there are no new signals. It's a test to do nothing when there's nothing to do, trading wise, that is. I've been analysing this year's trading and that's occupation enough.
2.43 Out of AWC at 227 as it was a short after all and I shouldn't have tinkered. It's not a compelling trade either way and one to prove the adage, "if in doubt, stay out". Otherwise, IAU, LYC, OZL and PDN are all fine with the thinly traded IAU the worst performer, down 4 at 183.
The market is recovering without really getting anywhere, a slightly ominous sign that it's likely to fade into the close. Asian markets are slightly better so that could help.
4.09 Stocks are just about to match. Days like this are about acceptance, there were no clear opportunities for me and my existing positions were a touch against me.
The index faded to a finish down 24 at 4732.
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