Lukewarm
It's just over halfway through the day's trade and the market is close to unchanged but with quite a large range having opened firmer, fallen about half a percent and clawed its way back to square.
A mixed bag for me with BSL doing well, up 2.4% at the moment but OZL down 1%. My shorts have been rallying mildly all day but are slipping back now so that GEM is up 1 cent at 362 and NCM unchanged.
The banks are basing quite well and the resources are mixed but a touch firmer. I suspect my longs this afternoon are going to come from one of these sectors.
I quite often take a smaller value long position in a separate account to my main trading book. Something might pop up that's too small or illiquid for me normally. I've given myself a rule that I can't take a new position until I've sold the previous one. It's very easy to let losses mount in the ones that don't go my way as the positions don't seem obviously dangerous. Of course, these smaller dollar stocks are much more volatile and that's the issue.
Anyway, I've taken a loss in some Ramelius that I was holding and I've bought shares in a newish infant milk formula company called Bubs Australia with ticker code BUB. Entry price was 29 and it's just gone 29.5 bid.
Here's the chart. It's a very strong trend in the short term and has resumed the rally today after a small correction.
There's about 40 minutes to go to the close and the market rolled over again finding some support around 5680 but still down half a percent. The banks couldn't hold on to early gains and the few potential longs I'm finding are in the resources sector, oils mostly.
One that I've found is actually in the mining services sector, ALS ltd with ticker code ALQ.
It's quite a similar chart to BUB in the short term and I'm hoping to catch a fast move. The risk is that it may turn out to be a more complex correction. I'm not sure if I'll take it or focus on the oils, I'll see how it looks as we go into the match.
I closed out the longs and shorts from Friday which resulted in a very small profit after costs. BSL was up 2.1% but OZL fell 1.5% so the longs showed a minor gain. The shorts matched out with a 0.6% rise in GEM and a 0.6% drop in NCM. It was a good result from a long perspective because the market fell 37 points but the shorts disappointed, especially GEM which was one of the only yield stocks in the market not to fall solidly.
It occurs to me, not for the first time, that when I'm trading a theme, it's generally better to stay in the high profile stocks. I could easily have taken SYD or TCL for example.
Otherwise, I went long ALQ and ORG with shorts in AGL and BLD. Building approvals fell in May and the sector closed on a weak note.
A mixed bag for me with BSL doing well, up 2.4% at the moment but OZL down 1%. My shorts have been rallying mildly all day but are slipping back now so that GEM is up 1 cent at 362 and NCM unchanged.
The banks are basing quite well and the resources are mixed but a touch firmer. I suspect my longs this afternoon are going to come from one of these sectors.
I quite often take a smaller value long position in a separate account to my main trading book. Something might pop up that's too small or illiquid for me normally. I've given myself a rule that I can't take a new position until I've sold the previous one. It's very easy to let losses mount in the ones that don't go my way as the positions don't seem obviously dangerous. Of course, these smaller dollar stocks are much more volatile and that's the issue.
Anyway, I've taken a loss in some Ramelius that I was holding and I've bought shares in a newish infant milk formula company called Bubs Australia with ticker code BUB. Entry price was 29 and it's just gone 29.5 bid.
Here's the chart. It's a very strong trend in the short term and has resumed the rally today after a small correction.There's about 40 minutes to go to the close and the market rolled over again finding some support around 5680 but still down half a percent. The banks couldn't hold on to early gains and the few potential longs I'm finding are in the resources sector, oils mostly.
One that I've found is actually in the mining services sector, ALS ltd with ticker code ALQ.
It's quite a similar chart to BUB in the short term and I'm hoping to catch a fast move. The risk is that it may turn out to be a more complex correction. I'm not sure if I'll take it or focus on the oils, I'll see how it looks as we go into the match.
I closed out the longs and shorts from Friday which resulted in a very small profit after costs. BSL was up 2.1% but OZL fell 1.5% so the longs showed a minor gain. The shorts matched out with a 0.6% rise in GEM and a 0.6% drop in NCM. It was a good result from a long perspective because the market fell 37 points but the shorts disappointed, especially GEM which was one of the only yield stocks in the market not to fall solidly.
It occurs to me, not for the first time, that when I'm trading a theme, it's generally better to stay in the high profile stocks. I could easily have taken SYD or TCL for example.
Otherwise, I went long ALQ and ORG with shorts in AGL and BLD. Building approvals fell in May and the sector closed on a weak note.
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