Quiet start
11.19 am It's a quiet start to the week, something of a relief after the recent volatility. US inflation was weaker than expected and rates fell along with the US dollar with the usual corollary of rises in gold, metals and oil.
It hasn't really cost me in EVN with the stock only up 2. The Aussie dollar gold price hardly moved but sometimes the market reacts more to the headline figure which is the US dollar price. Otherwise, both FMG and IGO are rallying nicely and look set for a good leg up. I've been waiting a little while on these. Other existing longs in SGR, WOR and SUL are pretty flat but JHG is down 1.2%. I bought some on the close of trade last Friday and added a little more today at 4369. It's a choppy stock and I felt it was worth buying quite carefully.
Independence group is my best performer, up 3.3%. At this stage in the day, it's a nice breakout and I think the stock can rally to 360, hopefully this week.
3 pm The market continues to chop in a narrow range and has now drifted 13 points lower. I put on a position in a small clean energy play last week, CLQ, at a price of 74. It still trading there having got close to 80 and pulled back. I'm looking for this to hold and an impulsive leg up could take it close to 90 though I'd be happy with anything in the mid 80s.
Aluminium stocks have been running globally on hopes of Chinese production cuts. It's not a new story but some evidence of cuts seems to be coming through. S32 is a beneficiary today and I don't necessarily want to chase the breakout there. However, AWC is an easier entry as it has resumed today following a four day correction. Long a few at 204 where it's trading now.
4 pm The ASX 200 index closed 10 points lower. I sold out of my last SGR at 531 towards the close as it seems to be stalling slightly. Still pretty bullish in the medium term but I needed to reduce risk overall.
Most of my positions went well, best were IGO and FMG with WOR up close to 1%. Both small shorts - CCL and EVN - fell a tick or two.
It hasn't really cost me in EVN with the stock only up 2. The Aussie dollar gold price hardly moved but sometimes the market reacts more to the headline figure which is the US dollar price. Otherwise, both FMG and IGO are rallying nicely and look set for a good leg up. I've been waiting a little while on these. Other existing longs in SGR, WOR and SUL are pretty flat but JHG is down 1.2%. I bought some on the close of trade last Friday and added a little more today at 4369. It's a choppy stock and I felt it was worth buying quite carefully.
Independence group is my best performer, up 3.3%. At this stage in the day, it's a nice breakout and I think the stock can rally to 360, hopefully this week.
3 pm The market continues to chop in a narrow range and has now drifted 13 points lower. I put on a position in a small clean energy play last week, CLQ, at a price of 74. It still trading there having got close to 80 and pulled back. I'm looking for this to hold and an impulsive leg up could take it close to 90 though I'd be happy with anything in the mid 80s.
4 pm The ASX 200 index closed 10 points lower. I sold out of my last SGR at 531 towards the close as it seems to be stalling slightly. Still pretty bullish in the medium term but I needed to reduce risk overall.
Most of my positions went well, best were IGO and FMG with WOR up close to 1%. Both small shorts - CCL and EVN - fell a tick or two.
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