Plus ca change
Plus ca change, plus c'est la meme chose. The more things change the more they stay the same.
Bastille day has continued the yoyo theme with the market pushing on back towards 5800, up 39 points after 75 minutes trading.
It's actually a pretty decent day for my book with SUL slightly lower, FMG and IGO unchanged while SGR is up 2.5% and WOR has rallied an impressive 6%, supposedly on a read through of overseas earnings for other stocks in the oil services sector. It looks as if yesterday was a marginally higher low and today has broken out confidently. Here's the chart.
I sold out of a quick position in SYD at 694, it's up 7 now at 695.
SGR is rumoured to be a potential target for CWN. I don't think there's anything in it short term, more an assessment by analysts as to the potential benefits of such a tie up. I read about it this morning but I think it was doing the rounds yesterday which probably accounts for the turn around along with the fact that every analyst has a buy on the stock.
I didn't put on any fresh short positions yesterday but did think about the golds. The combination of some minor weakness in gold and further Australian dollar strength has put the sector under pressure. I've put on a small short position in EVN with the thought of adding more later in the day.
There was a minor flat congestion, almost a pennant, and the downtrend has resumed.
1.49 pm WOR has been as high as 1152 and I've sold half around here at 1144, up 8% on the day. I think it will go further but it's a windfall gain and might retrace a little first.
Otherwise, the market has eased but is holding near the top of the range which might mean a further tick higher into the close.
3.06 pm Fortescue has traded sideways in a narrow range since I bought on Tuesday. I sold half yesterday at my entry price so I'm willing to wait. There's always the chance of a three wave pullback when you buy a simple resumption in a strong stock as I did but I feel that if it was going to happen the chances are it would have done so already. Here's the latest chart.
3.28 pm Janus Henderson Group is a merged entity of US bond fund Janus and the old Henderson group which was spun out of AMP years ago. The chart is essentially the old HGG chart with recent performance based on the merged group. It has been quite choppy lately, possibly because of changes in the shareholder base with a new US listing adding to some of that volatility. However, I do like the chart. There was a break out through 4200 that went straight to 4600. Since then there has been a wide ranging correction followed by what could be another leg up which I'd expect to go above 4600. Because of how whippy it has been lately, I'm not going hard at it but will buy some today and leave room to buy more if it chops lower.
4.34 pm A good end to the week. I sold out half of my balance in SGR just before the close at 529 and it finished at 530. I also added some JHG at the match price of 4426. The market faded late but the index still managed a gain of 28 points. Having retested the lows on Wednesday, I'm mildly bullish but in a very small range as the ASX 200 is at 5765 and resistance is just above 5800.
Bastille day has continued the yoyo theme with the market pushing on back towards 5800, up 39 points after 75 minutes trading.
It's actually a pretty decent day for my book with SUL slightly lower, FMG and IGO unchanged while SGR is up 2.5% and WOR has rallied an impressive 6%, supposedly on a read through of overseas earnings for other stocks in the oil services sector. It looks as if yesterday was a marginally higher low and today has broken out confidently. Here's the chart.
I sold out of a quick position in SYD at 694, it's up 7 now at 695.
SGR is rumoured to be a potential target for CWN. I don't think there's anything in it short term, more an assessment by analysts as to the potential benefits of such a tie up. I read about it this morning but I think it was doing the rounds yesterday which probably accounts for the turn around along with the fact that every analyst has a buy on the stock.
I didn't put on any fresh short positions yesterday but did think about the golds. The combination of some minor weakness in gold and further Australian dollar strength has put the sector under pressure. I've put on a small short position in EVN with the thought of adding more later in the day.
1.49 pm WOR has been as high as 1152 and I've sold half around here at 1144, up 8% on the day. I think it will go further but it's a windfall gain and might retrace a little first.
Otherwise, the market has eased but is holding near the top of the range which might mean a further tick higher into the close.
3.06 pm Fortescue has traded sideways in a narrow range since I bought on Tuesday. I sold half yesterday at my entry price so I'm willing to wait. There's always the chance of a three wave pullback when you buy a simple resumption in a strong stock as I did but I feel that if it was going to happen the chances are it would have done so already. Here's the latest chart.
3.28 pm Janus Henderson Group is a merged entity of US bond fund Janus and the old Henderson group which was spun out of AMP years ago. The chart is essentially the old HGG chart with recent performance based on the merged group. It has been quite choppy lately, possibly because of changes in the shareholder base with a new US listing adding to some of that volatility. However, I do like the chart. There was a break out through 4200 that went straight to 4600. Since then there has been a wide ranging correction followed by what could be another leg up which I'd expect to go above 4600. Because of how whippy it has been lately, I'm not going hard at it but will buy some today and leave room to buy more if it chops lower.
4.34 pm A good end to the week. I sold out half of my balance in SGR just before the close at 529 and it finished at 530. I also added some JHG at the match price of 4426. The market faded late but the index still managed a gain of 28 points. Having retested the lows on Wednesday, I'm mildly bullish but in a very small range as the ASX 200 is at 5765 and resistance is just above 5800.
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