The Australian housing market is soft and SGP came out with a profit warning before the market open. It was a minor one (3%) but enough to knock the stock down to 301 early. I sold into a little bounce at 306 and the stock has slipped back to 302. It's a shame because I'd reassessed my positions and decided that SGP was not a trade I wanted to be in because there didn't seem to be enough upside or an indisputable uptrend. The overnight lead was strong so if they had delayed the announcement, I might have been out for close to my entry price in the 315-320 range.
That's the only real blot with the rest of my positions following the market higher. The two pharmaceutical stocks, MSB and PXS, are continuing to push on while OSH is up a few cents and NAB is 13 higher at 2454. I sold a third of the NAB March calls at 67 early on, which pays for the position (long at 22) although I'm obviously risking unrealised profits still.
The Asx 200 has sold down after the gap opening but I'd be very wary of being short this market. There is a flat top and generally higher lows which is a strong bet to break out and I'd expect there to be some pent up energy in the buying.
4.15 There was a recovery in the last hour which helped the index to 4301, up 38. Most of my stocks closed well, especially PXS which rallied 10 to 137.5.
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