Out of the rest of the QBE hedge at 1280 which has more than paid for the puts. It's such a strong move that the stock could easily push through the resistance around 1290-1300 but I expect the first reaction will be a pullback. I've sold out a third of the puts at 6 and I'll keep the rest which provide a bit of crash protection until the end of April.
It was all systems go last night with the DJIA through 13k and the NASDAQ past 3k. The Asx 200 is just below the pivotal 4300 level but it seems unlikely that it would stop. It might pause or chop back but a serious reversal has already been tried and failed.
NAB is firmer in a strong banking sector. I'm looking for some steady continuation of strength and since my target is around 2550, I've added some more calls, this time the April 2450s at 32 as the March calls are vulnerable to any consolidation because they only have 11 trading days left after today.
The headline refers to Pharmaxis. I didn't pull the trigger at 100 when I got a buy signal last week and I was kicking myself when it ran up from there. I've been watching the consolidation and bought some yesterday at 114 and more today at 111. I was tentative about this stock because it's in the volatile biotech sector but it had been smashed last year on a new drug approval delay and failed to recover when the yes finally came through. A lot of hot money must have been lost and it's arguably true that any bad news was overly discounted. Anyway, I just came back from the gym to find that the government has added the key drug, Bronchitol, to the Australian Pharmaceutical Benefits Scheme which means that patients will be reimbursed a large part of their medication costs.
The news has lifted PXS to 123. When I noticed this stock last week, it occurred to me that the weekly was making a higher low and a move to 180 was more than possible. Here's the daily and the weekly follows.
4.16 The Asx 200 closed up 40 at 4287. What was interesting was that after a few days of solid rally, there wasn't an intraday pullback of any size. It implies underlying strength in the move.
PXS chopped back but held on to 2/3rds of the gains to finish up 9.5 at 118.
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