Thursday, May 17, 2012

Switcheroo

It's a steadily falling market with the Asx 200 down 0.5% at 2.44 pm as an early bounce faded. Resource stocks are a bit firmer with financials under pressure. I've been in and out of a few of the hard hit stocks trying to hedge up my shorts elsewhere. I scratched most of the trades this morning but it looks as if there's a second attempt this afternoon and I've gone long IMD at 199, NWH at 231 and RSG at 144 with hopes of an oversold bounce.

Here's IMD.

chart

NWH.

chart

And RSG.

chart

I've shorted CPU at 814 with a trailing stop.

chart

Of the existing short positions, IAG is a bit firmer on company news while QBE and WBC are firmly lower. JHX is a touch stronger but I sold a few into early strength and covered them so the position is fine.

I also shorted NUF at 479 (and covered a few at 469) as the stock had a false break, made a lower high and is reversing.

chart

And I closed out the last of the TOL short at 447 on the open, a drop of 26, thinking I'd done well to wait an extra night. It promptly fell another 18 cents.

4.20 The index recovered to square before slipping to finish down 8 at 4157. The short term longs worked well and I sold out half of the IMD at 206, the NWH at 339 and the RSG at 148. I added some ASL, KAR, KCN and SBM in small size on the same theme. The majors continued to be on the weak side.

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