They're drinking plenty of espresso at the EU summit and the Australian market is bouncing around as news filters out. The market had recovered on an improving Chinese inflation number to be down 40 odd points and then fell a further 50 points on news from the summit. Sarkozy is speaking now and the market has popped back up by 35 points in the blink of an eye.
I bought back half of my DJS short position at 266 on a profit target.
I'm trying to ignore the news and trade the signals; just keeping position size down. I have two new short positions to put on in CSR and FMG. FMG was close last night but was holding the little congestion, today it has been resilient intraday but the break looks convincing enough.
CSR is a nice signal as it follows a flat correction in a weak chart. I went slightly early and sold at 211.
4.12 The market gapped lower in the match to finish down 78 points at 4203. I'm short everything and had a good day but obviously, the risk of a bullish reversal is pretty high. No point jumping at shadows though.
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