PTSD
11.36 am A shell shocked market is very cautiously higher by 13 points after taking a hiding on Friday on US fears which for the umpteenth time proved to be misguided.
I held a gold long over the weekend in Evolution and was quite hopeful for a recovery today. There has been one but it hasn't amounted to much at this point despite a rise in gold and a drop in the Aussie dollar.
Reporting season kicks off this week so there's a potential catalyst for a break of the current trading range which is roughly from 5675 to 5850. The ASX 200 is sitting towards the bottom of that range at 5717.
One stock I've bought as a longer term trade is Boral. The story this year has been of a strong recovery after a sell down late last year on a major US acquisition. The market is reasonably positive about the upcoming result and the weekly chart shows a fairly shallow correction with last week's bar a recovery week. That momentum is continuing today and I'm long at 694.
Here's the weekly chart.
The daily shows a minor correction from Wednesday to Friday and a potential resumption today.
2.13 pm Very gradually, the rally has gathered steam, possibly helped by end of month buying.
I've added a trading long in QAN. After a pullback from 590 to 513, the stock appears to be making a higher low. Long at 535.
4.32 pm A muted finish left the ASX 200 up a mere 18 points at the match out. It's still sitting towards the bottom of a very narrow range so I guess it's a cautious buy.
I held a gold long over the weekend in Evolution and was quite hopeful for a recovery today. There has been one but it hasn't amounted to much at this point despite a rise in gold and a drop in the Aussie dollar.
Reporting season kicks off this week so there's a potential catalyst for a break of the current trading range which is roughly from 5675 to 5850. The ASX 200 is sitting towards the bottom of that range at 5717.
One stock I've bought as a longer term trade is Boral. The story this year has been of a strong recovery after a sell down late last year on a major US acquisition. The market is reasonably positive about the upcoming result and the weekly chart shows a fairly shallow correction with last week's bar a recovery week. That momentum is continuing today and I'm long at 694.
Here's the weekly chart.
2.13 pm Very gradually, the rally has gathered steam, possibly helped by end of month buying.
I've added a trading long in QAN. After a pullback from 590 to 513, the stock appears to be making a higher low. Long at 535.
4.32 pm A muted finish left the ASX 200 up a mere 18 points at the match out. It's still sitting towards the bottom of a very narrow range so I guess it's a cautious buy.
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