Here we go again?
12.08 pm A good start to the day with the index up 41 points after markets shrugged off political worries. The question occupying everyone is when or if the slapdown comes as the market is back to 5771 and 5800 has been the lid.
Otherwise, I held little overnight, just a few WHC which I sold out for a small loss at 323.5 after they opened stronger and reversed while the resources sector was also under pressure. I'm a bit disappointed not to have held my Friday shorts in FMG and STO but stuffed up by not cutting CBA, putting me under pressure yesterday.
TCL is shaping up as a buy with most of the yield stocks well supported today. I've bought some at 1173 and I'm hoping for a little swing up.
12.32 pm I'm holding Bluescope steel as a longer term position. I'm encouraged by the performance today where other resource stocks are under mild pressure. There has has been a small 3 wave pullback from a spike to around 1450 and a recovery from here could see the new highs I'm looking for.
3.06 My day trades in the larger stocks have been neither here nor there but I did quite well in mining services minnow NWH. The stock reported well and made a good acquisition, raising capital overnight above the last sale price. My back of the envelope calculation had the stock comfortably worth 100. It opened too strong for me but pulled back initially and I managed to get some at 81 which I've just sold at 92. Not patient enough as it's now 95 but still reasonably pleased.
Here's the 30 minute chart.
Maybe I should have held for that 100 but I've been following the stock for a few years and it often trades well below fair value while people constantly spruik more difficult stocks in the sector like ANG and MAH.
3.24 pm Well, NWH just hit 100 so definitely went too early.
3.35. Bit the bullet in NWH and paid 100 as it's going vertical on very strong volume. 103 now.
3.44 pm Sold out half the extra at 102.5 and it's back to 99.5. Will prob hold overnight.
4.21 pm More on NWH...it matched down at 95 so I bought back the portion I'd sold at 102.5. I'm obviously looking for continuation.
Otherwise I have a very small long in TCL in my active book and the usual suspects of BLD, BSL and DOW in the medium term. I think we can push higher since the index is now well short of 5800 but it could well be sell on open.
Banks have reported well and looking past the regulatory problems in CBA, if that particular handbrake is released then the market has upside.
Otherwise, I held little overnight, just a few WHC which I sold out for a small loss at 323.5 after they opened stronger and reversed while the resources sector was also under pressure. I'm a bit disappointed not to have held my Friday shorts in FMG and STO but stuffed up by not cutting CBA, putting me under pressure yesterday.
TCL is shaping up as a buy with most of the yield stocks well supported today. I've bought some at 1173 and I'm hoping for a little swing up.
12.32 pm I'm holding Bluescope steel as a longer term position. I'm encouraged by the performance today where other resource stocks are under mild pressure. There has has been a small 3 wave pullback from a spike to around 1450 and a recovery from here could see the new highs I'm looking for.
3.06 My day trades in the larger stocks have been neither here nor there but I did quite well in mining services minnow NWH. The stock reported well and made a good acquisition, raising capital overnight above the last sale price. My back of the envelope calculation had the stock comfortably worth 100. It opened too strong for me but pulled back initially and I managed to get some at 81 which I've just sold at 92. Not patient enough as it's now 95 but still reasonably pleased.
Here's the 30 minute chart.
3.24 pm Well, NWH just hit 100 so definitely went too early.
3.35. Bit the bullet in NWH and paid 100 as it's going vertical on very strong volume. 103 now.
3.44 pm Sold out half the extra at 102.5 and it's back to 99.5. Will prob hold overnight.
4.21 pm More on NWH...it matched down at 95 so I bought back the portion I'd sold at 102.5. I'm obviously looking for continuation.
Otherwise I have a very small long in TCL in my active book and the usual suspects of BLD, BSL and DOW in the medium term. I think we can push higher since the index is now well short of 5800 but it could well be sell on open.
Banks have reported well and looking past the regulatory problems in CBA, if that particular handbrake is released then the market has upside.
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