Automatic stabilisers
11.42 am The buying kicked in as the market opened lower and bounced off support following the recent fashion. My overnight book was well pitched and I've sold out the EVN at 261 (currently 263) and the RSG at an average just under 128. RSG looks toppy short term though EVN doesn't look as if it's finished yet.
IGO has gone well, up 9 to 380 where I've sold half and I bought back half of a short in SUN at 1247. It's currently down 27 at 1253.
In my small cap book, I have positions in BPT and NWH. Both are shaping up pretty well now. BPT on an upgrade yesterday with one of the brokers naming it a pick of reporting season. I added 20k at 68.5 yesterday and I'm offering a few at 70. I think it can run up to 75 in the short term but I'm happy to trade in and out in CFDs around a core position in stock.
NWH looks to be breaking up out of a pennant shaped correction. I've been long stock for a week or so and have added CFDs at 110.5 this morning.
12.19 pm The market has slipped back after a weak opening in Hong Kong. The ASX 200 is down 24 at 5682 which is 20 points better than today's low. I'm out of half of the extra BPT at 70 and the balance of IGO at 383. I've also reshorted the SUN I'd bought back earlier as it really failed to bounce. I'm happy to watch and wait for now.
A2M is doing well today, up strongly to 522. Assuming it can hold these gains, I'll be considering this as an overnight long as the odds would be good that the flat little correction was over.
1.47 pm IGO is stronger than I thought, up at 390 now which is a 5% gain and it's another day which drives strongly in one direction so I bought back in at 388. I thought A2M might drift lower but it had a tight intraday correction and is looking strong again so I bought at 525. Meanwhile NWH has risen to 113.5.
3.11 pm I fell asleep at the wheel a bit and missed a short term peak in A2M. Back down to 519. I don't mind the trade overnight but could easily have cut to buy back in lower. Otherwise, NWH is doing very well and up to 115.
3.57 pm I was slack in A2M but have compensated slightly in Vocus. The daily is a hard chart because it's a reversal from a new low. I used the intraday 30 minute chart for my entry at 245. It's at 253 now and is only a small position with no obvious short term high forming so I'll hold this overnight.
4.21 The market looks alright going into tomorrow. A late rally cut the losses to 16 points and the financials to resources rebalance continues. I shorted AMP and TLS for some balance on the close and apart from A2M and VOC, I have longs in BPT, IGO, NWH and WOR. None of them huge but if I concentrate there are chances to leverage intraday if the trend continues. I cut the SUN short at various points in the afternoon as it had a small go at extending the losses before recovering a touch. It was a nice little short though.
IGO has gone well, up 9 to 380 where I've sold half and I bought back half of a short in SUN at 1247. It's currently down 27 at 1253.
In my small cap book, I have positions in BPT and NWH. Both are shaping up pretty well now. BPT on an upgrade yesterday with one of the brokers naming it a pick of reporting season. I added 20k at 68.5 yesterday and I'm offering a few at 70. I think it can run up to 75 in the short term but I'm happy to trade in and out in CFDs around a core position in stock.
A2M is doing well today, up strongly to 522. Assuming it can hold these gains, I'll be considering this as an overnight long as the odds would be good that the flat little correction was over.
1.47 pm IGO is stronger than I thought, up at 390 now which is a 5% gain and it's another day which drives strongly in one direction so I bought back in at 388. I thought A2M might drift lower but it had a tight intraday correction and is looking strong again so I bought at 525. Meanwhile NWH has risen to 113.5.
3.11 pm I fell asleep at the wheel a bit and missed a short term peak in A2M. Back down to 519. I don't mind the trade overnight but could easily have cut to buy back in lower. Otherwise, NWH is doing very well and up to 115.
3.57 pm I was slack in A2M but have compensated slightly in Vocus. The daily is a hard chart because it's a reversal from a new low. I used the intraday 30 minute chart for my entry at 245. It's at 253 now and is only a small position with no obvious short term high forming so I'll hold this overnight.
4.21 The market looks alright going into tomorrow. A late rally cut the losses to 16 points and the financials to resources rebalance continues. I shorted AMP and TLS for some balance on the close and apart from A2M and VOC, I have longs in BPT, IGO, NWH and WOR. None of them huge but if I concentrate there are chances to leverage intraday if the trend continues. I cut the SUN short at various points in the afternoon as it had a small go at extending the losses before recovering a touch. It was a nice little short though.
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