It's just after 3 pm and the index is holding on to two points of gains as it puts in a good performance following more negative overnight leads. I'm not convinced yet but pleased that I'd bought back most of my shorts. In the end, I've added to those positions on the rebound.
Short a few more FMG at 538 and some TOL at 563. I also sold more JHX and KCN but covered those as they adjusted after overshooting. The main new trade is some June puts in WBC. I'd decided to avoid using options on anything but the XJO unless I was putting on spreads. However, I've compromised by trading in something with more than a month to go. I'm long the June 2200 puts at 43 (from yesterday) and 49 today. The stock is trading at 2278 but goes ex-dividend 82 cents in a couple of days. The banks generally fall more than the dividend once they go ex-dividend as so much of the buying is yield seeking. An example is ANZ which is down a dollar today after going ex a 66 c dividend despite a lightly stronger market.
Here's the WBC daily. After a grinding rally, I'm hoping for a decent pullback.
4.13 The last hour saw more buying which pushed the index back to 4296, a rise of 20. I got a bit squeezed but left my positions alone.
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