ANZ the star
I couldn't bring myself to buy the banks after so much chop but it would have been the right thing as the surge has continued for a second day. At least my assistant went long some ANZ which is the stand out, up 2.8% as they have the least capital to raise.
It has made for another quite random start with a certain amount of rebalancing going on. The big banks have made up 21 points of a 25 point rise.
Of my existing positions, I've cut CLQ for an average of about 70.5 after it failed, entry was 74. Meanwhile, IGO which I felt I could have cut yesterday, has rallied 3% while AWC is down a little after the US partner Alcoa reported well but sold off on forward estimates. WOR has kicked again and is up close to 2% but DOW is lower by 6 cents.
So it's a mixed picture and I'm waiting for the dust to settle.
2.22 pm The broad theme of bank strength and a mixed picture elsewhere is still in play.
I bought some BTT yesterday, looking for a higher low and the chance of another leg up. The stock is close to breaking through yesterday's 1106 high and this is shaping up ok.
Actually it's just ticked through to trade at 1107 so I'll look to add to this position later in the day.
3.39 pm I've been putting on too many positions which is not what I want to do so I've sold the last WOR at 1170, up 33 on the day and also sold some SGR I bought back yesterday for a small gain because it's correcting and there's no rush.
AWC is a cut, currently down at 192 and I'm selling out of IGO at 323 which is close to my entry price. JHG is still a problem, holding support but a long way from square however I'll keep that. DOW is also a hold but has suffered an inside day, down 11 cents. I've exited small shorts in CCL and QBE for minor gains and added to the BTT position at 1109.
4.23 pm Having cleared the decks somewhat I added a new long in STO. It produced a good quarterly, is paying down debt and reducing costs and has a lot of leverage to the oil price. It's always difficult to buy a stock that has rallied hard on the day but it's a strong move and there will probably be some follow through tomorrow.
It has made for another quite random start with a certain amount of rebalancing going on. The big banks have made up 21 points of a 25 point rise.
Of my existing positions, I've cut CLQ for an average of about 70.5 after it failed, entry was 74. Meanwhile, IGO which I felt I could have cut yesterday, has rallied 3% while AWC is down a little after the US partner Alcoa reported well but sold off on forward estimates. WOR has kicked again and is up close to 2% but DOW is lower by 6 cents.
So it's a mixed picture and I'm waiting for the dust to settle.
2.22 pm The broad theme of bank strength and a mixed picture elsewhere is still in play.
I bought some BTT yesterday, looking for a higher low and the chance of another leg up. The stock is close to breaking through yesterday's 1106 high and this is shaping up ok.
3.39 pm I've been putting on too many positions which is not what I want to do so I've sold the last WOR at 1170, up 33 on the day and also sold some SGR I bought back yesterday for a small gain because it's correcting and there's no rush.
AWC is a cut, currently down at 192 and I'm selling out of IGO at 323 which is close to my entry price. JHG is still a problem, holding support but a long way from square however I'll keep that. DOW is also a hold but has suffered an inside day, down 11 cents. I've exited small shorts in CCL and QBE for minor gains and added to the BTT position at 1109.
4.23 pm Having cleared the decks somewhat I added a new long in STO. It produced a good quarterly, is paying down debt and reducing costs and has a lot of leverage to the oil price. It's always difficult to buy a stock that has rallied hard on the day but it's a strong move and there will probably be some follow through tomorrow.
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