The US jobs report comes out tonight and you could argue that the market has already reacted to a bad figure. Last night, the US indices were looking to sell off but rallied on EU moves regarding Greek debt (according to FnArena's morning summary). The DJIA and S&P500 both finished a little lower but the Nasdaq gained. European indices were playing catch up from the previous night and sold off 1 to 2%.
The Asx 200 spent most of the first hour struggling to hold a small gain, it's up 4 at 11.06. I have a new long position in biotech company, Starpharma. It's in a strong uptrend which is pretty unusual for current market conditions. I'm buying a break of yesterday's high after a brief, 3 wave pullback. Long at 153.5 with a stop at around 147. It's illiquid so the position is not large.
12.33 Whoops! There she goes...the Asx 200 has slipped below the recent swing by a point.
The low was 4581.8 versus 4582.7 but we could extend that easily enough. The index is down 18 points and most of my stocks are lower by a commensurate amount. I'm just sitting tight.
2.09 There's been a choppy rally of about 10 points which is not significant in itself, but it raises the possibility of a double bottom. It is a new low by 0.9 points but essentially a (potential) double bottom. Meanwhile, the Nikkei and the HSI are down a touch but mainland Chinese markets are strong as is the Indian market.
Unsurprisingly, I'm hoping for a US index bounce tonight because I'm primarily looking for bullish trades with the market here.
2.19 I doubled up on the IPL June 400 calls. With the stock back down at 368, they're a fair way out of the money but at 2 cents I thought it was ok. There are 3 weeks to go and a higher low could still see a push through 400.
3.52 Caution prevails and the index has made another marginal day's low at 4580. A similar story elsewhere too.
4.14 The Asx 200 finished down 17 at 4583.
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