Battling
Following the recent script the market has reversed after yesterday's strength and I'm regretting taking overnight positions now. SGR is down 4 cents and WOR, a more volatile stock, is down 18 cents or 1.6%. The overall market is lower by 0.4% so there's definite under performance from my positions at this point.
The index has found some support over the last hour but recent days have tended to drive one way or the other so it continues to look vulnerable intraday.
The star performer today has been Flight Centre, with the gains supercharged by a profit upgrade. This actually looked very good on the close of trade and could easily have been taken. One that got away.
Here's the FLT chart.
3.39 pm. SGR has really gone nowhere, down a couple of cents but WOR has chopped lower, down 23 to 1124. I don't necessarily think it's significant but a lot of resource stocks are looking strong so I'm switching into my trade of the day which is Mineral Resources, MIN.
My entry in WOR was 1133 but it looks likely I'll have given back yesterday's unrealised gain plus a bit more. Not big numbers but disappointing.
Anyway, MIN has been rallying very sharply for a while and is continuing today. It's an interesting company which mines, provides mining services to the iron ore market and has a big lithium play attached. The lithium stocks are rebounding sharply today and this may be the best of them.
Here's the chart.
A very sharp rally from a minor new low has congested for two sessions and then resumed today. There's short term resistance around 1150 but the momentum is such that it could push through that tomorrow.
4.25 pm There was a late sell down leaving the ASX 200 about 20 points lower after the match. Obvious nervousness I guess, with the US market reopening tonight and geopolitical risk from North Korea. However, most Asian markets are up and US futures are flat. Anyway, SYD was a scratch trade as I sold it at the entry price of 509 and took a small loss in WOR as it closed at 1123.
The index has found some support over the last hour but recent days have tended to drive one way or the other so it continues to look vulnerable intraday.
The star performer today has been Flight Centre, with the gains supercharged by a profit upgrade. This actually looked very good on the close of trade and could easily have been taken. One that got away.
Here's the FLT chart.
3.39 pm. SGR has really gone nowhere, down a couple of cents but WOR has chopped lower, down 23 to 1124. I don't necessarily think it's significant but a lot of resource stocks are looking strong so I'm switching into my trade of the day which is Mineral Resources, MIN.
My entry in WOR was 1133 but it looks likely I'll have given back yesterday's unrealised gain plus a bit more. Not big numbers but disappointing.
Anyway, MIN has been rallying very sharply for a while and is continuing today. It's an interesting company which mines, provides mining services to the iron ore market and has a big lithium play attached. The lithium stocks are rebounding sharply today and this may be the best of them.
Here's the chart.
A very sharp rally from a minor new low has congested for two sessions and then resumed today. There's short term resistance around 1150 but the momentum is such that it could push through that tomorrow.4.25 pm There was a late sell down leaving the ASX 200 about 20 points lower after the match. Obvious nervousness I guess, with the US market reopening tonight and geopolitical risk from North Korea. However, most Asian markets are up and US futures are flat. Anyway, SYD was a scratch trade as I sold it at the entry price of 509 and took a small loss in WOR as it closed at 1123.
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