At 2.28 pm, the market is up 4 in an edgy day's trading. Adjusting for the WBC dividend, the rise is 10 points. It feels like a squeeze but the index is not really going anywhere and I'm generally staying short.
I'm slightly disappointed in WBC. It's down 74 cents compared to a dividend of 82 cents and this is less than the rise in the other banks but nevertheless, there's often a vacuum once the yield driven buyers have gone. My positions are little changed except for the XJO May 4250 puts which have been hit by time decay and are down to 12.
I'm short a small amount of WPL at 3364 and it's starting to tip over. There was a powerful drive down and the retracement has been minimal.
FMG is similar.
4.12 There was no selling interest and the market pushed higher to close at 4297, up 12.
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