ASX Morning call 27th July

Yesterday was individual equity derivatives expiry the following Thursday after options expiry. There is often a 30-40 point move that can be faded back to the CFD 10am open price. Stop had to be pretty big used the unfilled closing gaps as magnets and stop was 5 points below S3. Worked a treat and took about 1.5hrs to fill. The move down was helped by Macquarie bank announcing a new CEO.

Last night price has moved to Fridays closing gap at 6288. Currently ticking right on it and I expect it to close today at open. There is an extreme gap down to yesterdays high at 6257 which i expect to fill either today or in the next few days for those that might like a longer term target. I am hoping for a spike up to 6306 in the first 10mins for a sell. I also have some in now for the extreme gap just a nibble because I think we are at the top of the range. I am expecting futures open at 9:50am will drop straight in there.

Acceptance above 6300 will put us in a new range and no idea where it will go from there.

IG's bullish premium is still applied its currently about 4-5 points.

I don't have any buys because its Friday pump and dump day. If the extreme gap does not attract selling 11:30am around R3 6306 should come off into the afternoon.

Also you are probably thinking the gap is closed at 6288 because you can see CDF pricing up there but until cash hits it between 10am and 4:10pm its still open.