Santos reassessed
12.01 pm Now that the reporting season is drawing to a close, the winners and losers are becoming clearer. One of the strong stocks is Santos which is coming back from the depths, has a well credentialled CEO and is doing all the right things. The company is not out of the woods by any means but is reducing production cost and debt and accepting a lower for longer oil price scenario.
I'm long intraday at 371 and the stock has pushed up to 377 in a weak market which is once more back around 5700.
It's not the sort of daily chart that's easy to jump on board so I'm tending to look for intraday signals. Here's the daily anyway, it shows acceleration and no sign of a slowdown yet.
QAN has been jumped on by the shorts, who were squeezed on Friday, in a revenge trade. I'm annoyed that I've largely missed the move. PTM has chopped around but is moving higher now.
12.16 pm I'm long some S32 at 287 after a choppy pullback following the result. I'm modestly bullish the stock, there's a healthy dividend due in mid September, the stock is debt free and pumping out lots of cash and disappointment with the result is fairly minor. All in all it's a decent buy on dip type stock.
Platinum is near the day's highs at 610 but I'll sell out the balance by the close as the momentum has eased. It's one I'll be keen to buy if further strength becomes apparent though.
4.56 pm I sold out MPL and STO for small gains on the close and got out of PTM too while adding a minor short in BSL. I kept half of the balance in FMG which closed down 10 at 590 and all of the S32 which closed encouragingly at 288.
I'm long intraday at 371 and the stock has pushed up to 377 in a weak market which is once more back around 5700.
It's not the sort of daily chart that's easy to jump on board so I'm tending to look for intraday signals. Here's the daily anyway, it shows acceleration and no sign of a slowdown yet.
QAN has been jumped on by the shorts, who were squeezed on Friday, in a revenge trade. I'm annoyed that I've largely missed the move. PTM has chopped around but is moving higher now.
12.16 pm I'm long some S32 at 287 after a choppy pullback following the result. I'm modestly bullish the stock, there's a healthy dividend due in mid September, the stock is debt free and pumping out lots of cash and disappointment with the result is fairly minor. All in all it's a decent buy on dip type stock.
1.33 pm The market is sitting down near the lows while chopping in a narrow range. I've looking to sell out of BLD at 703, my entry price. It's well supported but I may as well wait for the result now.
Otherwise iron ore futures are down and FMG has eased off to 588. I might bail out of that long later.
I'm most interested in MPL and STO on the day with both holding their moves so I'm looking for another kick later. S32 is holding well and PTM is quite volatile but up 6 at 604.
3.41 pm A pretty quiet afternoon session has seen the market in a tight range. I exited BLD at 703 and sold a third of my STO long at 377. Santos has drifted back to 375.
Bluescope is friendless now and I'll probably add a small short into the close.
4.56 pm I sold out MPL and STO for small gains on the close and got out of PTM too while adding a minor short in BSL. I kept half of the balance in FMG which closed down 10 at 590 and all of the S32 which closed encouragingly at 288.
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