On their own

The Americans are on their own with another decent rise last night on the back of more good results from a strong reporting season and soothing words from Uncle Ben. The Aussie market faces a different set of circumstances and it was sell on open again this morning. At 1.08 pm, the Asx 200 is down 5 points at 4370 and I've been tinkering with existing positions and putting on a few new ones.

Of the existing ones, I've shorted and mostly covered additional stock in ASL, BLY and NWH. I sold out half of the PRU for a small gain at 254 but I'm late into the trade and it has stalled at resistance.

I've added a couple of longs. First, ALL at 315 with a stop at 309. A flat correction which may just pop up to a new high at 330ish.

Second, UGL at 1307 with a trailing stop. It's more of a consolidating sort of chart but a strong pattern as it breaks out of a short term triangle.

 

I'm hoping for a bearish reversal with OST. I'm short this at 132 after it made a marginal new high yesterday and failed to follow through. Stop is at 137.

TOL kept running after I stopped out at 580 on Tuesday. I've sold this at 595 as it's another marginal new high and the action seemed more like a short squeeze.

3.29 Out of PRU at 252 for a minor gain and covered a small short in BLY at 409 (v 418). The index is now down 8 and it's the resources that are weak again. WPL hasn't cracked but it's beginning to look vulnerable to a downdraft. Fingers crossed.

4.17 A late flurry of selling left the index on the day's low, down 13 at 4362. OST and TOL didn't do much but I held them, the same is true for the new longs in ALL and UGL. It has been a fun week now that I've focussed on what I enjoy about trading and that's despite some stodgy action in the market.