Bifurcation
11.40 It's classic reporting season stuff with some stocks on the podium and others in the doghouse. CSL and CPU have leapt 5% or more while DMP is 8% lower. Overall the index is a touch lower although half of that is due to CBA going ex dividend.
I can't take a trick with my trades of the day. WHC has been smacked 15 cents or more and much of the resource sector is under pressure despite solid gains in resource stocks overnight and in underlying commodities. It feels incredibly random and I might return to the day trading only mode until things are clearer. There's nervousness about the US inflation figures due tonight too.
2.40 pm Confirming my earlier thoughts, nobody really wants to play with the fear of overnight action hanging over them so it's a random walk up and down led by the algos, I assume.
4.01 There was something of a late recovery in a couple of my longs - WHC got back through 440 - but I'm happy to be out and to wait for intraday opportunities so no fresh charts today. The small caps are dead as a dodo so I'm leaving them alone. The index is down 8 points ahead of the match which is about the points deduction for CBA's dividend.
I can't take a trick with my trades of the day. WHC has been smacked 15 cents or more and much of the resource sector is under pressure despite solid gains in resource stocks overnight and in underlying commodities. It feels incredibly random and I might return to the day trading only mode until things are clearer. There's nervousness about the US inflation figures due tonight too.
2.40 pm Confirming my earlier thoughts, nobody really wants to play with the fear of overnight action hanging over them so it's a random walk up and down led by the algos, I assume.
4.01 There was something of a late recovery in a couple of my longs - WHC got back through 440 - but I'm happy to be out and to wait for intraday opportunities so no fresh charts today. The small caps are dead as a dodo so I'm leaving them alone. The index is down 8 points ahead of the match which is about the points deduction for CBA's dividend.
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