The Australian market is 7 points higher at 3.09 pm which is a very modest recovery from yesterday's fall despite the big sell off in Europe and the US having failed to appear. The market is starting to bottom out in the short term though and with the prospect of a responsible budget tonight, there may be more life in the retracement.
I've done little today except to tidy up a few positions. I covered the last of some short positions in BPT, CGF, OSH and OZL at levels roughly the same as the previous closes. I'm still short OST which is down again but have bought back more at around 119.
I've been short gold miner, KCN, for a couple of days and I've added a few more at 592. I'm chasing this a bit but the stock looks poised to fall further having confirmed the break yesterday and failed to recover today.
I've had another go at buying JBH as it went fractionally lower yesterday but could be rolling up now. A break of yesterday's 950 high would be handy.
I sold a handful of the XJO May 4250 puts yesterday at 35 but kept most and the price has slipped to 23. They expire next week so I definitely don't want to see too much consolidation.
4.16 There was a little late strength and the index finished up 13 at 4314. Actually, I'm not thrilled about being short overall, there was a minor new low on the intraday charts which was rejected...quite a good sign of a short term bottom. The main thing in favour of staying short is that the market ran through 4400 before falling so there are probably still some disappointed longs that might need to get out.
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