Rudd, the wolf in sheep's clothing, has been soundly beaten in the ALP's leadership poll providing the backdrop to the days trade. There are a number of stocks ex-dividend today, accounting for 18 index points, so that the loss of 29 points at 1.56 pm is not as bad as it appears at first sight.
My long positions are mostly pretty good. AWC has firmed to 126 and LNC has surged to 151 while PRU is flat and AGO down 4 at 322. I'm out of some of the AGO at 325 as the stock reports tomorrow and it seems like an each way bet to me. I took the trade as a retracement and therefore the risk of failure is too high to have me hold this into the result. I'm hoping to get out of the rest as the afternoon rolls on.
The LNC chart looks particularly good on the weekly scale.
I'm expecting the market to drift sideways to down over the next couple of days so I'm going to need some continued outperformance from my longs.
3.53 The market has kept ticking down, defying generally steady markets in the time zone. The Asx 200 is off 46 at 4261. AGO couldn't get off the canvas so I sold out the last of it at 320 (v 316).
4.15 A minor bounce left the index down 39.
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