The index is up a paltry 13 points despite a bounce back overnight in Europe and the US. Those markets do look ripe for a pullback but it hasn't happened yet and we keep fretting about it in our trading. PRU has bounced back but LNC is lower and my March 24 call option position in NAB has dropped a bit as the underlying has fallen 23 to 2335. The UBS analyst has downgraded on the back of the struggling UK banking business, the sort of news flash which could get him a job with Moody's. Never mind that the European banking sector is recovering rapidly from intensive care with as much 3 year money at 1% available from the ECB for banks to lend out to their hearts' content.
I'm not unhappy about it and I'm hoping to add to my position at better levels.
The Asx 200 looks quite ropy after this week's failure to kick on but it has also been in a very narrow range for all but 3 days since mid January so there's going to be plenty of support. I'd say that the market has gone to lunch and isn't coming back.
4.14 A late push left the market up 18 points.
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