The market opened stronger but is fading away...down 6 now, at 3.04 pm. WPL is my main focus and that has dropped close to last week's low but is just holding above.
I've added a short in TOL and it's one where I'm looking for a lower high. Short at 575 with a stop about 10 cents higher. The recent swing down fell below the previous low and I've been looking for a retracement to sell into.
Reprising yesterday's Asx 200 30 minute chart, today's early rally failed to push beyond 4330. I'm assuming that was it for the retracement from last week's sell off and the next leg is in its early stages.
On a daily basis, another leg down could gather momentum and the March low of 4144 would be an obvious target.
4.08 I bought some XJO May 4250 puts at 56 on the basis that I think another leg down is imminent.
4.10 The market has finished down 14 points at 4289, close to the intraday low. WPL ended below 3400 at 3398.
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