Ball and Chain
12.15 pm Despite the US indices actually rallying last night and the SPI indicating a strong open, the market is very cautious and sitting square at this point, Telstra costing 8 points as it goes ex dividend while CBA is another lead weight as the reality of the legal problems it's confronting sinks in.
I've been focussing on strong stocks and bought back into Santos at 376. There was a minor consolidation at the top of the range and now the stock is pushing higher.
1.20 pm I went cautiously long Resolute at 113.5 on the close and expected a sell off this morning. Encouragingly it is up again and I sold half at 117.5. IGO is less positive as its report has been welcomed with a shrug of the shoulders so I'm out at 347 versus an entry of 353.
I also got out of the short in BSL. Half yesterday afternoon at 1064 and the rest this morning at 1079 as it found some support. It's been that sort of day actually, BSL is now up 31 at 1097 and LLC, sold on the result yesterday, has recovered all of that and more to be up 2.3% at 1666.
1.59 pm Market participants remain cautious and there seems to be an attempt to break the bottom of the range. I'm sceptical and can see the potential of a drift back to square because Asian markets are higher and so are US futures.
3.50 pm The market is back to square now and I'm not putting on any new positions this afternoon. The market looks a little vulnerable but it's also at support. In this sort of market my overnight calls seem to be running at worse than chance. Makes sense in that I'm often looking for breakouts and a range market will throw up a lot of reversals. So the short term strategy is to trade intraday and play around the edges with smaller stocks.
One of those is Amaysim that reported well but doesn't have much analyst coverage so has taken a while to get moving. Bought this a couple of days ago but it's running today.
4.26 pm The picture is still quite murky after a flat inside day. I'll wait and see what tomorrow brings.
I've been focussing on strong stocks and bought back into Santos at 376. There was a minor consolidation at the top of the range and now the stock is pushing higher.
1.20 pm I went cautiously long Resolute at 113.5 on the close and expected a sell off this morning. Encouragingly it is up again and I sold half at 117.5. IGO is less positive as its report has been welcomed with a shrug of the shoulders so I'm out at 347 versus an entry of 353.
I also got out of the short in BSL. Half yesterday afternoon at 1064 and the rest this morning at 1079 as it found some support. It's been that sort of day actually, BSL is now up 31 at 1097 and LLC, sold on the result yesterday, has recovered all of that and more to be up 2.3% at 1666.
1.59 pm Market participants remain cautious and there seems to be an attempt to break the bottom of the range. I'm sceptical and can see the potential of a drift back to square because Asian markets are higher and so are US futures.
3.50 pm The market is back to square now and I'm not putting on any new positions this afternoon. The market looks a little vulnerable but it's also at support. In this sort of market my overnight calls seem to be running at worse than chance. Makes sense in that I'm often looking for breakouts and a range market will throw up a lot of reversals. So the short term strategy is to trade intraday and play around the edges with smaller stocks.
One of those is Amaysim that reported well but doesn't have much analyst coverage so has taken a while to get moving. Bought this a couple of days ago but it's running today.
4.26 pm The picture is still quite murky after a flat inside day. I'll wait and see what tomorrow brings.
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