I cashed out of a call warrant a week ago and bought a put on Friday afternoon. Reasons included: - the exceptional run up the overseas markets had in recent weeks, including the biggest four day rise for the DOW since 1933. NCP has done better than most. - no especially positive news hinted at in the near term and some profit taking starting to creep in. Short interest in NWS has also ticked up, which ushers in a fall more often than a rise. - current price is nudging up against a long term down trend on the weekly chart and various indicators are looking overbought, including rate of change.
It's noted that the U.S. weekly chart looks different to the Australian one, in part because of currency changes. NWS also did better in its last trading session than NCP and NCP will more than likely go up on the open in view of this.
