Daggy headline but the whisper number of 9% was totally wrong with Chinese GDP growth at 8.1%, below the consensus figure of 8.3%. The Asx 200 was already rebounding, with resource stocks the big gainers and the data has not been enough to stop that move in its tracks. At 12.46 pm, the index is holding on to two thirds of the earlier gains with a rise of 33 points to 4314.
I sold out of SBM at 211 for a fractional profit as the resource rally and a kick in the gold price was not enough to get the price moving. OSH and SUN continue to tick against me as the stocks are a touch higher but I need a large move to get some joy out of the call options.
I'm tired of PXS and after an early rally attempt fizzled, I'm selling out at 132.5. My entry level was 112 so it's not a bad trade.
On the short side, WPL has been up to 3483 which is the bottom of the old support range and is holding most of that rise at 3473. I'd expect it to struggle to get much further. I've bought a few more May 3374 puts at 67.
1.26 There's further to run in the rally, I think. WPL has squeezed up further to 3490 and the intraday chart of the Asx 200 shows the potential to push past the early highs. Chinese markets are unperturbed by the data so that's helping.
3.50 Bought more WPL May 3374 puts at 59 to average 63 for today's tranche. The stock has been as high as 3490 twice and is just below that at 3477.
4.12 It's all over for another week with the index finishing up 42 at 4323. I got out of SBM too early, it finished at 215. I'm just left with the option positions with WPL the main influence. That stock finished at 3476.
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