Rebound in the oils after OPEC

1.10 pm There were tentative sell signals in the oil sector on Friday but it was best avoided with the OPEC meeting due on the weekend because it was more about book squaring ahead of it. A more limited supply increase helped the commodity bounce solidly on Friday and the local players have largely followed suit with OSH, STO and WPL all up between 1.7 and 1.9%. Otherwise, the banks are pulling back after a very big squeeze higher and the resources broadly are recovering. Both of my books are little changed and the index itself is down 16 points.

3.04 pm There are a few buy signals in resource stocks and sell signals in banks. For example, Independence Group looks pretty clear. While the bigger picture is of a trading range stemming back to the start of the year, the short term is a minor break up following a retracement of a rally from 453 to 536.

The banks look much the same as each other. Here's a daily chart for NAB. A V bottom which has rallied up to 50 day moving average and started to roll over. It's likely to pull back for a day or two more.

It's slim pickings in the small caps. I'm interested in ARQ, formerly Melbourne IT, as it confirms a high low.

4.33 pm Not a lot changed by the close. I got out of all positions from previous days and added a couple of resource longs and finance shorts.