Basically with these trades I don't really care about market...

Basically with these trades I don't really care about market moves. The market can take a 50% hit tomorrow, as long as CBA goes down 53% and NAB only 51%. That would give me a 2% gain on the trade and no loss. You can look at any stocks that you like and construct a pairs trade. For pure market neutral I suggest same sector in same market (so same time zones for trade and same FX rate - so a 10% hit on GBP doesn't kill you ).

I am very interested in going long QAN around these levels, and likely candidate would be oil as the other side of the pair. Santos is too wild, and doesn't really follow energy moves, so I am still considering what options I have to pair it with, and if the ratio is compelling enough to enter.

At the moment I have about 40% shorts in my portfolio, but they are not straight shorts - all are paired against another for a relative outperformance, and that way I don't have to worry about being too exposed either side of the market.