Swing low sweet chariot
12.26 pm Just back from a brief business trip and the market has swung right down to the bottom of the range again. Even though I'm net long and my positions have cost me a little bit today, I'm half hoping that the market will have that purging fall towards 5600 but I don't really think it will. there's almost no rationale for this move except for technical reasons and with reporting season upon us, very few profit warnings and the expectation of a surprisingly good season, the risk is to the upside.
Then again, maybe we can squeeze in a slump early this week before Macquarie's update on Thursday kicks things off.
Anyway, it's damage limitation for me with most positions down a touch and no real help from shorts.
3.15 pm The market is back at the old favourite levels, currently sitting down 47 points at 5676. It has been as low as 5653 which was a minor new low since a bounce in early June. I haven't really got anything compelling except to accept a few losses and clean up the books. Most are marginal but the worst is JHG where I've been too patient and the stock has made a minor new low.
4.16 pm I held a couple of small balances as the market finished pretty well to close down 35 points, partially hedging with a small WOR short. I traded this from the long side recently but it had 5 waves up in this last swing and slipped back today so there's a good chance it can retrace further.
Then again, maybe we can squeeze in a slump early this week before Macquarie's update on Thursday kicks things off.
Anyway, it's damage limitation for me with most positions down a touch and no real help from shorts.
3.15 pm The market is back at the old favourite levels, currently sitting down 47 points at 5676. It has been as low as 5653 which was a minor new low since a bounce in early June. I haven't really got anything compelling except to accept a few losses and clean up the books. Most are marginal but the worst is JHG where I've been too patient and the stock has made a minor new low.
4.16 pm I held a couple of small balances as the market finished pretty well to close down 35 points, partially hedging with a small WOR short. I traded this from the long side recently but it had 5 waves up in this last swing and slipped back today so there's a good chance it can retrace further.
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