More strength as we approach the mid point of the day's trading; the Asx 200 is up 20 at 4088, seemingly led by a strong futures market and arbitrage buying. It's still very patchy and volume seems thin so I'm assuming it's a continuation of short covering rather than a sea change. European markets returned all of their early gains last night as the reality of Spain's banking problems hit home so today's rally is either brave or foolhardy.
I've shorted MQG via the June 2500 puts – at worse levels unfortunately – but I think this is a retracement and the lows will be retested.
2.26 The market kept surging and didn't pause until it got close to last week's high at 4118. It's up 1.1% and we've built in a big overnight jump.
4.06 I sold out the last few puts in WBC at 150 (2050 equivalent in the underlying) as the stock made a new low and traded above that bar's high. The chart is odd because of a trade – clearly an error – that went through two dollars above the market.
4.14 The market went flat in the last hour but finished near the high at 4114, up 1.1%.
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