I've been bearish and wrong for a week or two but the latest leg up has formed up into a textbook 5 wave pattern and there's probably not much left in the short term. Our market seems to think so too because we've eased back after an opening which didn't quite match the overnight moves. Up 20 at 12.43 pm.
I bought back the AWE short at 181 and stopped out of the last of the SEK for 699. NWH has bounced and I've re-shorted some stock at 408.
I've also shorted some ASL at 410, it's a similar chart and sector to NWH.
I'm gambling that PRU has more upside. Long on a resumption of strength at 248 with a stop at 236.
Of my existing positions, FMG has fallen further to 576 and I've bought back a couple more at that level, WPL has drifted to be up 3, OSH is hedged and will contra out tonight and SUN is up a few cents too so the May calls are holding their value.
2.33 Out of FMG now, buying the balance at 565. I've been conservative when taking profits in a couple of these because I need to rebuild the P/L account after a poor start to the month and I still have puts in the index and in WPL which provide quite a lot of downside potential.
4.02 Approaching the match and the market has flirted with a fall into the red but steadied to be up 11. I bought back the extra NWH short at 404 and 402 and covered a couple of the ASL at 404 too but remain short. SUN has reversed after some early strength so the 8 cent May 850 calls are down to 4 but WPL has also reversed lower which helps my puts.
4.13 The index rose 15 points today, closing at 4375.
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