Recovery in Lithium Stocks
12 pm The market is up 28 points and sitting just under the 5700 level which is minor resistance now.
In overnight positions in my small dollar book, I sold out of half the Amaysim at 188 which is up 5 and where it is now. I also sold out the balance of RSG at 119.5, a slight rise on yesterday's close. I thought this could run hard today because an influential broker put a 188 target on it and pointed out how cheap it is. Weakness in gold stocks isn't helping though and an early rally has petered out.
Orocobre reported this morning and has rallied 10% while Syrah ran yesterday on a final mining approval. The one I've bought is Galaxy. It has been basing for a few days and a line break this morning was a reasonably entry signal. Long at 178 and this is up to 184 now.
I've blotted my copy book with a few impetuous trades in my active book. I've been looking for a surge day higher and it's just not the market to pyramid into things.
1 pm A2M is setting up quite well. There were a couple of down days from the recent high. An inside doji day yesterday and the beginning of a recovery today in a stock which is in a very strong uptrend. I might hold this one overnight in the active book.
2.05 pm Out of half the Galaxy at 185.5. It's holding very well near the intraday highs so I'm hoping for a few more cents for the balance.
Fortescue has bounced back nicely, up 17 to 604. I thought there was a good chance of this because it's a very attractive dividend and the stock is not expensive even with the potential for lower iron ore prices and persistent discounts for their ore. I'm long, just sold half at 604 as it's the top of the range and I'm hoping for a spurt on a breakout of the 605 high.
4.29 pm A2M couldn't get moving but I did keep some overnight. Otherwise, GXY finished at 190 and I've also held some and sold some. The market closed solidly higher at 5715, going through the minor resistance at 5700 and looking hopeful for tomorrow.
I'm enjoying the small dollar book and it's a good time to be trading these stocks after profit reporting when the new favourites are clearer. Nanosonics was an example. I bought the resumption at 250 and sold half at 258, keeping the rest for Friday.
Fortescue didn't surge into the close, it just made a slightly higher high and I got out for square. It goes ex dividend 25 cents tomorrow.
In overnight positions in my small dollar book, I sold out of half the Amaysim at 188 which is up 5 and where it is now. I also sold out the balance of RSG at 119.5, a slight rise on yesterday's close. I thought this could run hard today because an influential broker put a 188 target on it and pointed out how cheap it is. Weakness in gold stocks isn't helping though and an early rally has petered out.
Orocobre reported this morning and has rallied 10% while Syrah ran yesterday on a final mining approval. The one I've bought is Galaxy. It has been basing for a few days and a line break this morning was a reasonably entry signal. Long at 178 and this is up to 184 now.
1 pm A2M is setting up quite well. There were a couple of down days from the recent high. An inside doji day yesterday and the beginning of a recovery today in a stock which is in a very strong uptrend. I might hold this one overnight in the active book.
2.05 pm Out of half the Galaxy at 185.5. It's holding very well near the intraday highs so I'm hoping for a few more cents for the balance.
Fortescue has bounced back nicely, up 17 to 604. I thought there was a good chance of this because it's a very attractive dividend and the stock is not expensive even with the potential for lower iron ore prices and persistent discounts for their ore. I'm long, just sold half at 604 as it's the top of the range and I'm hoping for a spurt on a breakout of the 605 high.
4.29 pm A2M couldn't get moving but I did keep some overnight. Otherwise, GXY finished at 190 and I've also held some and sold some. The market closed solidly higher at 5715, going through the minor resistance at 5700 and looking hopeful for tomorrow.
I'm enjoying the small dollar book and it's a good time to be trading these stocks after profit reporting when the new favourites are clearer. Nanosonics was an example. I bought the resumption at 250 and sold half at 258, keeping the rest for Friday.
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