5800 phobia
11.54 am The market is up a decent 30 points to 5777 but as we approach the 5800 level there seems to be quite a high degree of caution, understandably.
My book is ok but not special. OSH is down again in a muted sector where only ORG is having a good day but I still like this and sold some on the open at 683 which I bought back at 679. It's trading down 3 at 676. I'm selling some PTM at 623 as it runs out of steam. SYR is strong, up 15 at 382 while TAH is having a hangover after yesterday's good day, down 6 to 426. WEB is a touch lower. NWH is up 3 at 115 and I bought more at 114. I got fewer than a thousand of the new shares.
I've added a long in IGO at 383. It's a simple continuation and my risk is a more complex consolidation which would be a lower high and another swing down. It's going ok for now.
My assistant has done very well today in CSR. It broke out on Monday and had an inside day yesterday at the top of the range. This is often a good buy signal. I'll look for one or two inside days at the top of a range in a strong stock or one that is breaking out.
2.24 pm The buyer's strike continues and the market has been slipping lower from the early highs. It's just up 10 points at 5756.
My positions are ok but not going anywhere. I sold some NWH at 117 and bought some Monadelphous at 1501. The daily is starting to look toppy to me but there's a nice buy signal today after a pullback from the post result rally.
My small cap book is healthy apart from AJM which is stalling. I'm offering half at 20 just in case the pullback is deeper. I think the chart is fine but it's pretty speccy. Afterpay is the pick for me in that book although NWH is good too. Updater seems to be finding support at 132 over the last couple of days but hasn't started to bounce yet. Satellite company Speedcast is looking hopeful. I bought a few thousand yesterday at close to the intraday high of 368 with the stock finishing the day at 365. It's up 7 today though and a run up similar to the recent rise from the low 320s could take it close to 400.
3.07 pm I'm out of the IGO at 391 but they're holding quite well. The market is square now and having run through my watchlists I've seen quite a few potential shorts in the interest rate sensitive sectors and weak stocks that seem to have had their retracement or are ex div like BXB and TLS.
I'm regretting selling the IGO now but if we do strike some weakness tomorrow there may be an early opportunity to buy at better prices.
Here's the Telstra chart. It's rolling over after a minor 3 wave correction.
4.27 pm The game continues and the market closed down 2 points. I added shorts in BXB, SCG and TLS, sold some OSH as I'm starting to get cold feet there and held the rest. The small cap book was mostly steady to up though NWH is still pretty range bound.
I did have another go at buying IPL with a small purchase at 355. It reminds me a bit of CSR yesterday, a stock holding high up the top of a range after a breakout.
My assistant sold his CSR at 443.
My book is ok but not special. OSH is down again in a muted sector where only ORG is having a good day but I still like this and sold some on the open at 683 which I bought back at 679. It's trading down 3 at 676. I'm selling some PTM at 623 as it runs out of steam. SYR is strong, up 15 at 382 while TAH is having a hangover after yesterday's good day, down 6 to 426. WEB is a touch lower. NWH is up 3 at 115 and I bought more at 114. I got fewer than a thousand of the new shares.
I've added a long in IGO at 383. It's a simple continuation and my risk is a more complex consolidation which would be a lower high and another swing down. It's going ok for now.
2.24 pm The buyer's strike continues and the market has been slipping lower from the early highs. It's just up 10 points at 5756.
My positions are ok but not going anywhere. I sold some NWH at 117 and bought some Monadelphous at 1501. The daily is starting to look toppy to me but there's a nice buy signal today after a pullback from the post result rally.
I'm regretting selling the IGO now but if we do strike some weakness tomorrow there may be an early opportunity to buy at better prices.
Here's the Telstra chart. It's rolling over after a minor 3 wave correction.
4.27 pm The game continues and the market closed down 2 points. I added shorts in BXB, SCG and TLS, sold some OSH as I'm starting to get cold feet there and held the rest. The small cap book was mostly steady to up though NWH is still pretty range bound.
I did have another go at buying IPL with a small purchase at 355. It reminds me a bit of CSR yesterday, a stock holding high up the top of a range after a breakout.
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