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Why I sold on the close and some market observatio

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    It's rare indeed that one makes 150% in under two days going long on a call warrant in what has been a bear market (still is?) and that's one reason I got out.

    There has been a remarkable transformation from pessimism to choppy optimism in the last 48 hours, marking the one year anniversary of the week when the markets rebounded.

    Other factors included Monday being a partial holiday and the stock going ex-dividend, the size of the rebound, the drying up of orders from whoever was making the main move through Comsec (normally a good sign if it's Comsec, but perhaps not this time), the sudden optimism on this board, the expected FTSE rise tonight being partly catch up to the U.S. last night ... only momentum and a gap to be closed seemed reasons to stay in. Anyway, things can be reassessed tomorrow.

    There was options expiry activity today as well and it was notable how many of the top 20 stocks closed on or about round numbers, or at least just crossed the line during the day. At least trading was orderly and moves had commenced in the last few days, unlike the scam perpetrated during extended closing hours on the last day of trading in June last year.

    Of particular note in the last two days was the move out of defensive stocks like the banks (eg. NAB) and into growth stocks like miners (eg. RIO). The question is whether this is the start of a bull market, or just temporary rotation. One thing's for sure, however ... our market has held up remarkably well in the last couple of years, especially in relation to the European markets in the last six months and the All Ords was a whisker away from breaking an uptrend line on the multi-year chart. Given half the top 10 stocks are banks and the buy backs are easing, this might yet happen, even if this is a bull market.

    Disclaimer: I don't own any of the stocks mentioned.
 
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