Dark shadows
11.30 am North Korean posturing is casting a dark shadow over the market today and a rise of half a percent indicated by the SPI was overtaken by events so that the ASX 200 is lower by that amount, off 28 to 5696. The broad theme of strength in resources relative to financials continues to play out.
I'm most interested in three stocks on the long side today. They are A2M, CSR and RSG.
A2M is down 6 to 505 and the concern I had of a second corrective leg down may be playing out. I'm only holding 5k of these, ideally I'd be long 20k if I felt it was definitely happening now. So it's an exploratory position that I may be cutting later today.
CSR is up 2 to 415, quite a good outcome given the overall market. This is more of a corrective rally situation and not one I want to go too hard at. Again, I started the day with a small 5k long position and added 2.5k more at 415. If it seems to be gathering momentum, I'll look to double that.
Resolute is a gold miner and up today with the rest of the sector on geopolitical concerns. I decided to hold a position in this on Friday despite it being stretched because there was no obvious sign of a top and it is due a rerating as the cheapest of the mid cap gold stocks. This is up 3.5 at 126.5 and I'm not really sure how to play this. I'm long 20k only because I chased an entry. I might look to sell half on a spike today but I guess I'll let the market tell me here. The first level of resistance is in the high 130s.
1.16 pm It's actually a pretty boring day and the way things stand I'll probably exit all three of those positions later. CSR is the most vulnerable as it was a momentum trade for me and the momentum from Friday has ebbed away.
2.42 pm Sold out of the CSR at 415 as it's becalmed.
3.54 pm I'm on the offer at 506 in A2M as it's not looking so promising now. I'll probably keep half of the RSG as it's held quite well and may have a little more in it.
I've bought a couple of thousand MIN as it's made a new high today after a pretty flat consolidation and is holding the gains pretty well despite coming off an earlier intraday high.
It's probably only a one day trade in MIN but worth taking the momentum on balance.
4.19 pm Out of A2M on the match at 505 and half of RSG at 126.5. Also bought EVN at 250. Evolution pushed on to a new short term high and held quite well. The golds often peak early in the day and sell off on disappointment. In this case the peak was early but a doji was formed, implies more upside to me.
I'm most interested in three stocks on the long side today. They are A2M, CSR and RSG.
A2M is down 6 to 505 and the concern I had of a second corrective leg down may be playing out. I'm only holding 5k of these, ideally I'd be long 20k if I felt it was definitely happening now. So it's an exploratory position that I may be cutting later today.
2.42 pm Sold out of the CSR at 415 as it's becalmed.
3.54 pm I'm on the offer at 506 in A2M as it's not looking so promising now. I'll probably keep half of the RSG as it's held quite well and may have a little more in it.
I've bought a couple of thousand MIN as it's made a new high today after a pretty flat consolidation and is holding the gains pretty well despite coming off an earlier intraday high.
4.19 pm Out of A2M on the match at 505 and half of RSG at 126.5. Also bought EVN at 250. Evolution pushed on to a new short term high and held quite well. The golds often peak early in the day and sell off on disappointment. In this case the peak was early but a doji was formed, implies more upside to me.
Comments
Post a Comment