Snap back
The mood swings continue with an outsize bounce of 92 points at the moment. Pretty much everything has rallied except for gold stocks.
I reinstated my NCM short early at 1980 and have picked up a little but my overnight positions haven't shot the lights out. The long position in ALQ is up 5 or 0.7% so under performing the market. ORG is closer to market performance but still lagging slightly while, looking at the short positions, AGL is ok with a very small rise. BLD is up too, unfortunately, though once again the gain is smaller percentage wise than the ASX 200.
The banks have been big winners, nice gains of 2% plus. Unfortunately none of them really shaped up well enough on the close last night though it was a sector I was focussing on.
I had a small position in BUB overnight. It failed to surge at the open so I sold out at 30.5. Turns out to have been a good move as it has slipped back a cent from there.
I've sold out of ALQ for a small gain of 4 cents a share. I was looking for a surge and the relative weakness concerns me so happy to get out.
11.59 am I've gone early on my trade of the day. It's one I was considering closely yesterday but the finish was lacklustre. The stock is Star Entertainment Group, SGR, and has benefited from a broker upgrade today. I've bought at 509 and it's trading at 511. My concern is that the market is up 93 points and could ease back so it's possible that by the close I might decide to switch out of this and focus on another stock but I'm reasonably confident that won't be the case.
The chart shows a breakout from a higher low and from a trend channel, chopping lower from mid April to late June as it retraced most of an earlier rally.
12.43 pm. The market is still driving and I've closed out the overnight shorts in BLD and AGL for a small loss that slightly outweighs the gain in ALQ. On the plus side, ORG is firming again and that's the final overnight position, up 1.9%. I also closed out the short in NCM at 1975 as it bounced back a touch.
2.35 pm. I decided to take a second long because this is a pretty explosive one. The stock is Worley Parsons, a service provider to the oil and gas industry, code WOR. Bought a little earlier in the hope of a breakout and it's just kicked through. Here's the chart.
It's not as clean as some because the pullback is deeper than you'd ideally want and the lows overlap previous highs but it still made a higher low on the weekly and it's a very nice daily set up.
Otherwise, ORG isn't really kicking on but holding at around 706, up 11. I've sold out a bit over half of the overnight long here.
4.40 pm Sold the last few ORG at 703 on the match. Another very marginal winning day in relation to the overnight trades with all four positions rallying on a strong day and the longs only very slightly outperforming the shorts.
I made a bit extra through taking my new long positions early. I can't say I'm super confident as the market has been reversing every couple of days in a narrowing range. However, both new longs are strong technically and in both cases it's an entry on a breakout day so that the momentum should be good and stops are close.
I reinstated my NCM short early at 1980 and have picked up a little but my overnight positions haven't shot the lights out. The long position in ALQ is up 5 or 0.7% so under performing the market. ORG is closer to market performance but still lagging slightly while, looking at the short positions, AGL is ok with a very small rise. BLD is up too, unfortunately, though once again the gain is smaller percentage wise than the ASX 200.
The banks have been big winners, nice gains of 2% plus. Unfortunately none of them really shaped up well enough on the close last night though it was a sector I was focussing on.
I had a small position in BUB overnight. It failed to surge at the open so I sold out at 30.5. Turns out to have been a good move as it has slipped back a cent from there.
I've sold out of ALQ for a small gain of 4 cents a share. I was looking for a surge and the relative weakness concerns me so happy to get out.
11.59 am I've gone early on my trade of the day. It's one I was considering closely yesterday but the finish was lacklustre. The stock is Star Entertainment Group, SGR, and has benefited from a broker upgrade today. I've bought at 509 and it's trading at 511. My concern is that the market is up 93 points and could ease back so it's possible that by the close I might decide to switch out of this and focus on another stock but I'm reasonably confident that won't be the case.
The chart shows a breakout from a higher low and from a trend channel, chopping lower from mid April to late June as it retraced most of an earlier rally.
12.43 pm. The market is still driving and I've closed out the overnight shorts in BLD and AGL for a small loss that slightly outweighs the gain in ALQ. On the plus side, ORG is firming again and that's the final overnight position, up 1.9%. I also closed out the short in NCM at 1975 as it bounced back a touch.
2.35 pm. I decided to take a second long because this is a pretty explosive one. The stock is Worley Parsons, a service provider to the oil and gas industry, code WOR. Bought a little earlier in the hope of a breakout and it's just kicked through. Here's the chart.
It's not as clean as some because the pullback is deeper than you'd ideally want and the lows overlap previous highs but it still made a higher low on the weekly and it's a very nice daily set up.
Otherwise, ORG isn't really kicking on but holding at around 706, up 11. I've sold out a bit over half of the overnight long here.
4.40 pm Sold the last few ORG at 703 on the match. Another very marginal winning day in relation to the overnight trades with all four positions rallying on a strong day and the longs only very slightly outperforming the shorts.
I made a bit extra through taking my new long positions early. I can't say I'm super confident as the market has been reversing every couple of days in a narrowing range. However, both new longs are strong technically and in both cases it's an entry on a breakout day so that the momentum should be good and stops are close.
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