It's a boring old day as we wait for the CPI tomorrow. We had the PPI which was much lower than anticipated but the correlation with the CPI is not so strong in the short term. The HSBC flash PMI number came out too and that showed a slowing economy but also a slowing rate of contraction. All mildly bullish for us but the index merely bounced back to the middle of the intraday range. At 2.08 pm, it's down 9 to 4358.
I nibbled at short positions, buying back some BLY at 402 and TOL at 565. I've traded a couple of things in the hope that they would start to get a wriggle on but neither are doing much so I'll probably exit. OSH suffered some profit taking early but is almost back to square.
AWE is one of the tentative trades. It may have completed a retracement towards the high. I'm short on a break of yesterday's low as news of cost overruns on one of their projects is providing a catalyst for some selling. Stop is at 200 but I'll see how it looks as we near the close before I fully commit to the trade.
3.42 Out of BLY, buying the rest of the short at 397. It still looks weak although it has traced out 5 waves on the 60 minute scale. There may be a shorting opportunity on a retracement.
I've added a short in SEK. It's another faltering correction which could be a lower high.
4.12 The action increased as the afternoon wore on and the Asx 200 drifted lower to close at 4352.
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