US economic recovery is stalling but China had a better January than expected despite the New Year holidays. US indices held their ground and so have the Chinese, largely, but the Aussie market is 33 points lower at 3.44 pm. I got out of IAU early for an average price slightly above 128 so it didn't cost me to miss the previous days close of 127.5. I also sold out of BRU at 137 which was fading following some early strength.
I'm left with two position. The first is in IPL – down at 316 - and maybe I should have taken advantage of the late uplift yesterday where the close was 321. I'm not committed to the trade. The second is fine, it's a long in PNA which is down 2 at 349 and performing reasonably well in a weak market.
The Asx 200 is at an inflection point. Maybe it finds support around 4200 which would mean there was no significant overlap from the first leg up in early January or else it's a typical weak retracement where this grinding move is all we're going to get. A good time to have very few positions and await developments.
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