There be dragons
11.29 am Well into the session and the market is up 15 points and breaking the recent pattern of reversing sharply every two days. The activity seems very cautious indeed as though everyone is expecting a sudden plunge. Not a lot happening for yesterday's new positions with a fall in ALQ matched by a rise in TWE.
I had a balance left in A2M and sold it on the open at 403 for a solid gain. However the stock is edging higher so I've bought back that amount at 407 to see if I can work a little more out of the trade.
11.56 am A2M popped quickly so took the extra position off at 414.
12.47 pm It's been a tale of woe for the gold sector as a nice rise in gold, especially in Aussie dollar terms, was negated through May and June by heavy selling from the Van Eck ETF as they rebalanced the portfolio to include larger cap stocks. By the time they finished the gold price had turned and fallen $150 aud. However, margins are still healthy at these levels and with fears over the pace of rate rises abating, gold is recovering. Recent quarterly reports are highlighting how well most of the producers are doing, SBM is up 7% today after analysts liked what they saw.
I'm long St Barbara as an intraday trade but I'm thinking of Evolution and Northern Star as options for an overnight trade.
The charts are both pretty similar. Here's EVN.
1.49 pm I wondered if I was too hasty in A2M and I was, up to 422.
3.42 pm the market is starting to look a little toppy so I'm exiting ALQ and TWE for about net square with one up 1% and the other down the same. Otherwise, A2M was the best for me today. It peaked at 426 and is back to 415 now. I've bought EVN at 228.5 average.
4.20 pm We finished marginally in the black for a gain of 8 points.
I had a balance left in A2M and sold it on the open at 403 for a solid gain. However the stock is edging higher so I've bought back that amount at 407 to see if I can work a little more out of the trade.
11.56 am A2M popped quickly so took the extra position off at 414.
12.47 pm It's been a tale of woe for the gold sector as a nice rise in gold, especially in Aussie dollar terms, was negated through May and June by heavy selling from the Van Eck ETF as they rebalanced the portfolio to include larger cap stocks. By the time they finished the gold price had turned and fallen $150 aud. However, margins are still healthy at these levels and with fears over the pace of rate rises abating, gold is recovering. Recent quarterly reports are highlighting how well most of the producers are doing, SBM is up 7% today after analysts liked what they saw.
I'm long St Barbara as an intraday trade but I'm thinking of Evolution and Northern Star as options for an overnight trade.
The charts are both pretty similar. Here's EVN.
1.49 pm I wondered if I was too hasty in A2M and I was, up to 422.
3.42 pm the market is starting to look a little toppy so I'm exiting ALQ and TWE for about net square with one up 1% and the other down the same. Otherwise, A2M was the best for me today. It peaked at 426 and is back to 415 now. I've bought EVN at 228.5 average.
4.20 pm We finished marginally in the black for a gain of 8 points.
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