Time Loop
12.19 pm Yesterday the Aussie market was pushing up towards 5800 and the low today has been 5674, the old support level, so the bounce has taken the index back toward 5700.
Quite a good morning for my active trading book with IGO, NST and EVN all rising solidly on safe haven buying.
US markets were hit quite hard, with the best recent performer, the NASDAQ, falling over 2%. Perhaps traders have been looking for an opportunity to take a breather.
I've bought and sold some but I'm sticking with the golds on the long side. Otherwise, CBA is an interesting shorting possibility. It drove lower on the Austrac allegations and after a brief consolidation, it's weaker again. If it fails to hold support here it could drop to the next support which is around 7800. Short a small amount at 8004 which I'll either cut or add to depending on how the day progresses.
3.15 pm The market has gone to sleep over the last couple of hours. I'm not sure I'm going to have any joy with shorting CBA which is going ex dividend next Wednesday. I suspect the yield hunters are holding it up.
In the meantime I'm thinking that there's a better opportunity in the resources sector. The iron ore price is 6% lower intraday and since it's heavily traded by momentum players, there could be a couple of days in it.
FMG is already down 5% to 547 but there's momentum there at the end of what looks like a fairly mature correction.
The other one I'm thinking about is Santos. It's a similar sort of set up with a decent rally that's rolling over. I was long this earlier in the week and hopeful of a run up to 360 but it couldn't sustain the run and is breaking below a tight congestion.
4.23 pm Oops. Didn't buy back CBA as it squeezed higher on the close. Not a big position and I think the risk/reward is in my favour but interesting that the market is so convinced support is going to hold this time. Am also short FMG and STO and still long a couple of small gold positions.
Otherwise, medium term longs in BLD, BSL and DOW were weak today with the broad market.
Quite a good morning for my active trading book with IGO, NST and EVN all rising solidly on safe haven buying.
US markets were hit quite hard, with the best recent performer, the NASDAQ, falling over 2%. Perhaps traders have been looking for an opportunity to take a breather.
I've bought and sold some but I'm sticking with the golds on the long side. Otherwise, CBA is an interesting shorting possibility. It drove lower on the Austrac allegations and after a brief consolidation, it's weaker again. If it fails to hold support here it could drop to the next support which is around 7800. Short a small amount at 8004 which I'll either cut or add to depending on how the day progresses.
3.15 pm The market has gone to sleep over the last couple of hours. I'm not sure I'm going to have any joy with shorting CBA which is going ex dividend next Wednesday. I suspect the yield hunters are holding it up.
In the meantime I'm thinking that there's a better opportunity in the resources sector. The iron ore price is 6% lower intraday and since it's heavily traded by momentum players, there could be a couple of days in it.
FMG is already down 5% to 547 but there's momentum there at the end of what looks like a fairly mature correction.
4.23 pm Oops. Didn't buy back CBA as it squeezed higher on the close. Not a big position and I think the risk/reward is in my favour but interesting that the market is so convinced support is going to hold this time. Am also short FMG and STO and still long a couple of small gold positions.
Otherwise, medium term longs in BLD, BSL and DOW were weak today with the broad market.
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