David Fuller's view The third of my three Baby Steps scale-up limit orders to re-short JGB futures (weekly & daily) was reached this morning. Consequently, I sold another equal-sized June position at 141.90 this morning, including spread-bet dealing costs.

I also re-opened a gold long (weekly & daily), paying $1675.9 for a June position, including spread-bet dealing costs. Bullion remains well within its lengthy medium-term corrective phase which commenced last August following some climactic acceleration. However, it may have commenced a support building phase within this pattern which should eventually sustain a resumption of the secular bull market. Previous pauses following accelerated peaks during the last twelve years lasted approximately eighteen months. Consequently, I think gold will remain within its present peak-to-trough trading range for the medium term.

Stop Press: I raised my stop in the Australia 200 Index (weekly & daily) this afternoon, only to see it triggered a few hours later as Wall Street dipped. Consequently I was stopped out of my June position at 4315 against my purchase at 4305.2 on 14th March. These prices include all spread-bet dealing costs. I like the overall pattern for Australia's stock market. It has lagged for the last two and a quarter years, partly due to the strong AUD, but has considerable medium-term upside scope in my opinion.