I'm more focussed on the cricket than the market today. The overnight leads were bullish on the back of the motherhood statements from Europe, surprisingly so. I expect it was a short squeeze and the response here has been positive but more restrained with a rise of 1.3% at 2 pm.
I've got a couple of stops in OSH and TOL. The OSH level has just broken but I'm not inclined to pull the trigger yet since I think the end of the day might see a rethink with the opening calls for Europe. At the moment the US futures are unchanged so there's no clear opinion yet. Anyway, the Oil Search chart is below and it's looking like a buy now. I shorted at 648 so the damage is fairly limited with last trades at 653. I'm not sure whether I'm willing to buy; I think it's too far to the stop and with the end of the year very close, there's probably a lot of "noise" around.
TOL was not a trade that I had much conviction about but I shorted at 478 and have bought half back at 470. It triggered a trailing stop when it traded at 475 and I'm trying to buy back the balance in the high 460s.
The reason I was ambivalent was that I'd like to have seen more of a topping out pattern or else a failed new high above 500.
4.12 Quite a decent finish with the market holding onto gains of 1.2% or 50 points. I bought back the last of the TOL at 468 and the OSH short at 650 and 646, where it closed. I added another short in KAR. I'm hoping for another wave down and the confirmation of a sell signal with trades below Friday's low of 500.
I missed a buy in BLD. I didn't notice it recover in the last half hour after it had given up most of the day's gains earlier.
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