A good overnight lead plus a better than expected Chinese PMI number helped the Asx 200 to burst out of the blocks. That was as good as it got and the gains have largely evaporated. I sold most of the index calls at 95 and it looks as if I should get out of the rest.
The financials are retracing today while the risk assets have some support. NAB had most of its fall on Friday and is just down 4 at 2455; I have a few April 2450 calls left. SUN has had a bigger drop, falling 15 to 825 and the calls are down in line. OSH has done well though and I tipped out some of the extra April 725 calls at 9.5.
A new trade today is a long in gold stock, Kingsgate. I'm looking for the stock to have completed a retracement and have bought at 648 with a stop around 625.
I'm a bit iffy about this trade because I'm not sure if the correction in the gold price is over but the underlying price is finding support, at least.
Longer term trades in MSB and PXS are doing ok, both up about 1.5%.
4.12 The theme continued with financials slipping all day and resources tending to hang on to gains. Down 6 to 4329.
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