Teflon
12.11 pm The market is bouncing from the support levels hit on Friday as worries ease about North Korea. I was caught short on Friday in CBA, tardy to get out of my short but I thought I could have some joy this morning with plenty of negative news in the weekend papers and the announcement of a timeline for Narev's retirement pre-market. However, the stock is Teflon coated and I ended up cutting at 8104. Otherwise, I also stopped out of shorts in FMG and STO so a bad start to the session, admittedly on small positions. I also cut my gold positions on the open which was a good idea as I got a tick above Friday's close and the stocks have broadly slipped a bit lower now.
My medium term book has performed well and cancelled out losses elsewhere.
Orora reported well last Thursday, held through the weakness on Friday and is pushing higher today. I'm long at 301 and it's just pushed through the high of the last two days to trade at 303.
It's a short term trade though I may keep some overnight depending on how it finishes.
4.17 pm I sold out of ORA at 304 on a quiet day but will look at it again in the morning. I think it's under accumulation after a good result and some upgrades.
Otherwise, I have very little on overnight except a fresh long position in Whitehaven coal. It's just broken out of a small congestion and has been rallying since early June. The risk is that it's a marginal new high that doesn't really push on but the weekly is very strong so I'm hoping for a push towards the highs around 340.
BLD, BSL and DOW were all stronger today with DOW the stand out following a rise of 17 to 684. These medium term positions aren't really going anywhere but I guess the overall market is stuck in a range. All three have strong weekly charts so I'm anticipating a result sooner or later.
My medium term book has performed well and cancelled out losses elsewhere.
Orora reported well last Thursday, held through the weakness on Friday and is pushing higher today. I'm long at 301 and it's just pushed through the high of the last two days to trade at 303.
It's a short term trade though I may keep some overnight depending on how it finishes.
4.17 pm I sold out of ORA at 304 on a quiet day but will look at it again in the morning. I think it's under accumulation after a good result and some upgrades.
Otherwise, I have very little on overnight except a fresh long position in Whitehaven coal. It's just broken out of a small congestion and has been rallying since early June. The risk is that it's a marginal new high that doesn't really push on but the weekly is very strong so I'm hoping for a push towards the highs around 340.
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