I heard the expression this morning to describe February the 29th. It describes the market activity too, mildly bullish overnight leads but a surprise jump of 44 points in the market at 3pm as the index has ground higher.
AWC has continued to rally. I'm not sure why because analysts are lukewarm about the stock and the US listed Alcoa is going nowhere. I've sold out half of my long at the old high of 135. I'm letting the rest run with the last sale at 137.5.
LNC is still consolidating but is up 4 to 149 with the general lift in prices. PRU has rallied 5 to 286 as gold overnight got a rise on the prospect of more money printing from the LTRO. Here's a weekly of the gold price with 1900-2000 on the cards soon.
The weekly for PRU is lagging behind slightly but I'd expect it to track the gold price by and large.
I've been looking at the NAB chart for a while and getting quite bullish but I wasn't sure why. Another injection of liquidity into European banks hadn't occurred to me but NAB has a big exposure in Scotland and the North of England. The daily has pushed out of a mini congestion after a slow correction since early December. I've bought March 2400 calls at 28 and I'm hoping for a rapid move to 2500, 2550. Here's the daily. It's an a-b-c correction for wave 2 with the third wave moving into its acceleration phase.
4.14 There was some concerted selling in the match to knock the index below 4300 for the close. It finished up 36 at 4299. I don't know why they bothered, with the amount of money printing going on round the world, it's hard to see stock prices staying down. Maybe it was a window dressing thing.
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