Virtue signalling turned up to Eleven
12.06 pm Down again on US terrors of being called racist on social media but the range buying has kicked in and it's a fairly modest fall of 50 points.
I had an overnight long in CSR which is just down a cent and have plenty of intraday positions both long and short.
One of these positions is a long in Treasury Wine which I picked up early. It was an excellent result yesterday but slightly under forecasts so the stock initially was hit only to rally on positive outlook statements. It was an indecisive finish too. However, the consensus this morning from analysts was more clearly bullish and there was a reasonable buy signal too. Here's the daily chart.
2.23 pm Medium term positions in BLD and BSL have held very well, just down a cent or two while NWH has recovered with a rise of 3 to 92.5. The only fly in the ointment is DOW, down 18 to 679 but I sold half yesterday at 696 so I'm not unduly concerned there.
2.34 pm Actually, NWH looks very good now, it's up to 93 and a good finish would suggest the consolidation is over.
One of the stocks I'm short intraday is SEK but I think I'll hold the position overnight. A poor result has been followed by a weak consolidation and I think it will go lower on Monday or Tuesday.
4.30 pm The ASX 200 closed down 32 points to 5747, perhaps supported by some minor stength in overnight US futures.
I've held CSR which closed up 4 along with TWE and a bit of a punty long in NCM while I'm short SEK. That's in my active book which went ok today.
The medium term book also recovered from early losses to make some gains with NWH finishing nicely at 95. BSL reports on Monday and most analysts are expecting a good result. Hard to tell how it will go given the surprise factor probably won't be there but the chart looks very good and perhaps buyers are simply waiting for confirmation before sending it higher. I could be talking my own book here!
Looking at the chart, it probably fits the O'Neill CANSLIM model of a cup with handle where you'd buy the break through 1450.
I had an overnight long in CSR which is just down a cent and have plenty of intraday positions both long and short.
One of these positions is a long in Treasury Wine which I picked up early. It was an excellent result yesterday but slightly under forecasts so the stock initially was hit only to rally on positive outlook statements. It was an indecisive finish too. However, the consensus this morning from analysts was more clearly bullish and there was a reasonable buy signal too. Here's the daily chart.
2.23 pm Medium term positions in BLD and BSL have held very well, just down a cent or two while NWH has recovered with a rise of 3 to 92.5. The only fly in the ointment is DOW, down 18 to 679 but I sold half yesterday at 696 so I'm not unduly concerned there.
2.34 pm Actually, NWH looks very good now, it's up to 93 and a good finish would suggest the consolidation is over.
One of the stocks I'm short intraday is SEK but I think I'll hold the position overnight. A poor result has been followed by a weak consolidation and I think it will go lower on Monday or Tuesday.
4.30 pm The ASX 200 closed down 32 points to 5747, perhaps supported by some minor stength in overnight US futures.
I've held CSR which closed up 4 along with TWE and a bit of a punty long in NCM while I'm short SEK. That's in my active book which went ok today.
The medium term book also recovered from early losses to make some gains with NWH finishing nicely at 95. BSL reports on Monday and most analysts are expecting a good result. Hard to tell how it will go given the surprise factor probably won't be there but the chart looks very good and perhaps buyers are simply waiting for confirmation before sending it higher. I could be talking my own book here!
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