The US and European indices duly fell but the Australian overnight futures contract actually rose a few points and that has been an accurate proxy for sentiment here. There was an early lift of a few points, a 30 point dip and now a more solid attempt to rally with the market almost square. I got out of my 2 minor short positions slightly too early, buying NAB at 2236 and TOL at 425. I have a couple of intraday longs but nothing to write home about. I'm still trading carefully with a long holiday coming up very soon now.
The Asx 200 chart is below. I don't think it's a higher low but there's every reason to expect some bargain hunting with reporting season in full swing and the results broadly positive.
11.28 The rally has been quite sharp with the index now up 24 points. I've bought gold stock, SBM, at 198, on a minor break and I might hold this one for a day or two. The local gold stocks have really underperformed the physical lately so there's a buffer.
12.25 A pause here after a strong rally. The market sits 52 points higher at 4154. I've had a reasonably good time with my intraday longs and I'm left with SBM to hold overnight. I'm off soon to do some last minute chores.
3.04 SBM is at 197.5 as the market reversed direction, down 4 now. Gold is up USD 25 in Asian trading.
4.11 A very scatty day with the index closing down 20 points.
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