I keep getting sucked into day trading despite having worked out that I'm better at waiting and identifying longer term moves. It's a bit of a security blanket, I think, I get the impression I'm working hard whereas it's just compulsive behaviour.
Anyway, back to the market. The world didn't end last night but you wouldn't know it judging by the Australian market. The Asx 200 is up a very grudging 10 points at 2.13 pm despite very good overnight and intraday leads. The reporting season hasn't been great but neither has it been a disaster and the only real negative this week has been the unilateral raising of rates by the big 4 banks coupled with better than expected employment numbers which has created a de facto tightening; albeit in the region of 5 to 10 bp.
I sold the last of PRU at 276 early on and I've put on a couple of day trades looking for a squeeze which hasn't eventuated. Despite that, the positions are just a tick or two down. I don't really want to put on any overnight trades because the Asx 200 has broken down but every other major index is doing ok. There are the headwinds of a high currency and tighter monetary policy but valuations, employment levels, government finances etc are pretty supportive so I don't see a reason for a big drop unless and until Greece defaults. Even that could well be fully discounted.
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