Truckin' on

Another good performance, only down 4 as we approach 2 pm despite just about every other market being weaker. The losses in resource stocks are limited and the financials are steady, locked in at strike prices for option expiry this afternoon.

I haven't added any new stock positions although I've bought a few more OSH April 725 calls at 6 (with more on the bid at 4) as the stock has dropped 16 to 690. I expect the 680 support to hold and for the rally to resume and if that happens this would be a good point to add to the existing position.

The new option spot contract tends to get sold down as the old one expires with April also under pressure because of trading days lost due to Easter. It's a good time to buy and I've added some April 850 calls at 11 to the stock position in SUN.

4.14 The index sneaked up to a gain of 7 or 8 before the impact of weak Asian markets began to weigh more heavily. At the finish, the Asx 200 had lost 6 points to 4338.

I sold a third of the SUN position at 847 because I'd bought April 850 calls and later, some May 875s. The funding position of the Aussie banks continues to improve and SUN is looking to join the party in the new covered bond market with a raising at some point.