A bit of a surprise today with a 15 point gain lingering around till now, which is 2.40 pm. The PMI numbers from China and Europe were weak but the US PMI surprised to the upside as the US economy shows ever clearer signs of recovery. China and Australia are also early in a loosening cycle with a fair bit of leeway so the market has the potential to sustain a rally.
There's nothing really happening except for the possibility of the IPL retracement being over and the next leg down underway. It seems a bit unlikely given the positivity elsewhere but I'll wait to see how it closes.
RSG traded through my stop of 193.5 on the open but I waited and there was a decent reversal. I've sold half at 200 as I expect it to recover but the picture is fuzzy now.
Otherwise, I sold out half of the PRU long at 303 on a target after early strength faded. The strength was on the back of their inclusion in the Asx 100 on the next reshuffle date of Dec 16th. I figured that the longs who were in the stock for that reason might rush for the exits but it stabilised and is back up at 308.
4.12 A really strong finish saw the top 200 index close up at 4288 which is a rise of 59 points. No new trades for me with IPL pushing up enough to keep me out.
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