Tightest range for 25 years
11.59 am Someone on Sky News Business said that the current trading range has been the tightest for 25 years for the length of time. I remember being on the trading floor at that time and there were a lot of games invented to pass the time.
The chop goes on and the market is up 6 points. I sold out of BTT and PTM on the close which is good because they have slipped back. A2M has been the winner, up 18 to 499. I added extra on the open at 493 and have sold some in the low 500s. Still holding a few.
NWH has also gone well. I sold out half at 107 and the rest at 115 as it rallied hard early. It's holding most of those gains so I may get back in at around 114. Here's the chart.
1.01 pm I bought some Beach Petroleum on a good result the other day but was too hasty to sell. I've since bought and sold and gleaned something extra. Anyway, the Australian newspaper had an article this morning suggesting that BPT will buy Origin's Lattice assets for $1.4 billion. I'm looking to buy some physical stock (rather than CFDs) because the uncertainty over a fund raising has been a weight on the stock and I think it will bounce hard once the acquisition and resulting placement is done. Key shareholder Seven Group will probably be one of the underwriters and it will be a transformative acquisition from a slightly distressed seller. The reason for wanting the physical stock is the chance to participate in the Share Placement Plan which is often a free option especially if the issue has been well received. Here's the chart. No real short term buy signal but obviously very strong. It's a tactical rather than technical buy.
2.23 pm Sold out of the last A2M from 505 to 509. It has touched 513 but is rolling over now, trading at 501.
I bought back into NWH at 114 and hoping to sell again at 117.
2.45 pm Accepted 116 for NWH as the tide turned.
4.23 pm The cunning plan in BPT was a little too clever as it finished at 70 versus my entry of 71.5 cents but if it goes into suspend tomorrow for a capital raising I won't be getting access to the cheap stock so the SPP is the go. If it doesn't go into suspend there's a good chance of a squeeze back up.
The market is struggling as ever but managed a gain of 8 points.
I bought back into Fortescue at 595. It ran on the result and has had a second day of congestion near the high. Not a bad pre-emptive signal generally especially when BHP and RIO are well bid.
The chop goes on and the market is up 6 points. I sold out of BTT and PTM on the close which is good because they have slipped back. A2M has been the winner, up 18 to 499. I added extra on the open at 493 and have sold some in the low 500s. Still holding a few.
NWH has also gone well. I sold out half at 107 and the rest at 115 as it rallied hard early. It's holding most of those gains so I may get back in at around 114. Here's the chart.
1.01 pm I bought some Beach Petroleum on a good result the other day but was too hasty to sell. I've since bought and sold and gleaned something extra. Anyway, the Australian newspaper had an article this morning suggesting that BPT will buy Origin's Lattice assets for $1.4 billion. I'm looking to buy some physical stock (rather than CFDs) because the uncertainty over a fund raising has been a weight on the stock and I think it will bounce hard once the acquisition and resulting placement is done. Key shareholder Seven Group will probably be one of the underwriters and it will be a transformative acquisition from a slightly distressed seller. The reason for wanting the physical stock is the chance to participate in the Share Placement Plan which is often a free option especially if the issue has been well received. Here's the chart. No real short term buy signal but obviously very strong. It's a tactical rather than technical buy.
2.23 pm Sold out of the last A2M from 505 to 509. It has touched 513 but is rolling over now, trading at 501.
2.45 pm Accepted 116 for NWH as the tide turned.
4.23 pm The cunning plan in BPT was a little too clever as it finished at 70 versus my entry of 71.5 cents but if it goes into suspend tomorrow for a capital raising I won't be getting access to the cheap stock so the SPP is the go. If it doesn't go into suspend there's a good chance of a squeeze back up.
The market is struggling as ever but managed a gain of 8 points.
I bought back into Fortescue at 595. It ran on the result and has had a second day of congestion near the high. Not a bad pre-emptive signal generally especially when BHP and RIO are well bid.
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