A quick one since I'm pretty busy. Very happy to have no overnight positions and the market is down 4.3% as pessimism sweeps the world. Resource stocks particularly hard hit here and the AUD continuing to sell down to on risk aversion. Chinese monthly data comes out in half an hour, should drive the market one way or another.
The low, right now, is 3806, so already close to the bottom of the next range around 3700-3750.
12.20 Falling again, off 200 at 3786. Chinese inflation is still high and we're waiting for production numbers.
12.34 I'm buying a couple of things today, on an intraday basis. It's just seat of the pants stuff, I'm chopping in and out and staying long. There's every chance of a big bounce as the day goes on, now that the margin sellers and hedge funds have hit stocks hard.
1.08 The recovery is gaining some traction, the loss has been trimmed to 134.
1.39 We've rebounded almost 3% from the –5% low. Since there's no rational overnight trading possible, I'm just trading intraday and having some joy in AGO and FMG.
2.33 It's a super fast market and is now almost square. Down 1. I've been buying and selling like mad, still long but cut about half. Mostly 10 minute signals.
2.52 Reached a high of plus 22,23.
Here's a 10 minute chart of FMG. Punted a potential higher low around 520. Still have 5k left. Looking for one more kick up and although I'm really tempted to stay long overnight, there have been so many intraday opportunities today that I don't think I need to bother.
3.22 Out of everything for now with the last of the FMG sold at 563. The market made a slightly lower high and is easing off as the very negative opening calls for European bourses hove into view.
3.27 Oops, going again. Back in AGO at 360.
3.48 Such a dramatic day, no cavalry appeared as far as I can tell, it was just an overdue reversal. The market has had a low of 3766 and a high so far of 4044. Up 33 at 4019 now. Here's a 10 minute chart for the Asx 200 over the last 2 days.
I've almost sold out of AGO again at 365, was looking for something around 375 but it's getting to the end of the day and maybe that's enough.
I have put on one trade to hold overnight. It's an odd one for me, one of those Licensed Investment Companies, Djerriwarrh (DJW), which simply holds a portfolio of stocks. It's a proxy for the market and has underperformed equivalents ARG and AFI, and the Asx 200 today, even after allowing for a recent ex-dividend. Long at 328.
It isn't particularly liquid so it's just a small position.
4.10 I'd like to be long overnight but we've just had a 278 point rally from low to high so, with the exception of DJW, I'm out of everything. Here's hoping there'll be some more intraday opportunities tomorrow because it's probably an interim low rather than a really good moment to invest. Up 49 at 4035 for the Asx 200.
It wouldn't be strange to see the market bounce to 4200-4300 in the very short term, I just hope there's a higher low to get set.
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