The market is recovering intraday to be 33 points lower at 12.47 pm. Overnight markets followed our lead and went a bit further so it makes some sense. The resources sector is weak again and defensives are in favour so my positions are ok. The long is in RMD and that is unchanged while short positions in AGO and PDN are performing with AGO down 7.5 and PDN off by 4.5. I sold out of the last of the NAB calls at 15 since they're short dated and I'll wait to see if a better set up evolves.
The index is clearly through 4200 with 4140-4150 likely to provide some short term support. It was support in October and early November and minor resistance in late December.
I have a new short position in WSA at 535. My stop is above the recent swing at 570 and I think that if 520 fails then 500 should follow.
4.27 It was just a pause and the market dropped again to close at the day's low of 4144.
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