Not much bargain hunting

The market has driven lower today with the Asx 200 at 4264, down 50, at 2.21 pm. I was worried about more retracement but yesterday was it. I've continued to cover shorts and roll into stocks that have had a rebound and look ready to renew their falls. So, out of AWE, IMD, OST and PNA and half of the KCN and TOL and back into FMG, NWH, WPL and WTF on the short side. In fact, I've covered the WPL and most of the NWH now as they've moved strongly intraday.

Here's the FMG daily. I shorted at 537 and I'll use a trailing stop.

Short some WTF at 406; I may be a bit early so the position is small.

I'm also short some JHX at 730 which aren't performing yet. The chart looks weak but they benefit from a lower AUD and a strengthening US housing market so it could be the sort of thing which will continue to outperform. I'll be quick to get out if there's no joy here.

4.13 There was some minor buying at the end and losses were trimmed to 39 points. I sold another handful of XJO puts at 39.