The end game may have begun with Greek banks tottering and European leaders forced into a corner again. US indices fell hard on heavy volume and Asian markets are down 2% plus. The Asx 200 was lower by more than 2% earlier but has had a minor rally to be off by 75 points or 1.8% at 4082, at 1.42 pm. My small punts in gold and mining services stocks have been mixed with rises in the gold stocks cancelling out further falls in the drillers and diggers. That's an ok result with my biggest shorts – QBE and WBC – performing pretty well. QBE is 3% off and WBC is lower by 2.3%. I sold half the June 2200 puts at 155 when WBC was at an intraday low, so that helped.
There are no serious new trades although I've been hopping in and out of all manner of stocks. I was keen on NCM yesterday but didn't buy. I bought some on the open at 2465 and they've bounced further. Not sure whether to keep them. Here's the daily.
It's probably a reasonable long actually. A minor new low on Wednesday failed to hold and the wave count looks quite complete.
2.15 Short ALL at 290 with a stop at 300. It has been congesting and may be ready for a leg down.
3.28 It's worth looking at the index.
The intraday rally didn't hold and the loss is 110 points.
4.16 I'm playing the same game tonight with longs in smaller resources and mining services and shorts in financials and larger caps. The dollar value is larger on the short side and that made the difference today with QBE and WBC down over 3%. I've been in and out of these smaller stocks but took a minor hit on them today. For example, I'd sold all but 2.5k of the 15k NWH I bought yesterday afternoon. Today the stock fell 25 to 320 and I bought another 5k at 325. It's not a big position but I've repeated the process over about a dozen stocks which makes it a dangerous game but one that will provide an excellent hedge or better if we get a bounce back.
The Asx 200 kept falling to touch 4026 before a mild rally to the close at 4046, a loss of 111.
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