Finally the oils
11.37 am The market is flat, quite a good performance given a weaker night in the US, albeit mostly in the NASDAQ, while metals were mixed but oil was very strong and the oil stocks are doing well.
My overnight positions have been very poor to this point with JBH down 2% and I'm annoyed with myself for trying to pick the low here while PTM has been down 13 cents but has recovered slightly to be down 9 at 618.
So a rotten start to the day which I've managed to mostly negate by buying BPT, OSH and STO early.
OSH is particularly interesting having finally broken that 700 level.
Meanwhile STO is in one of those exceptionally strong trends where it's not so much a case of buying a higher low after a shallow pullback but looking at high, even slightly rising, congestions and entering on a move above that.
Meanwhile the small cap book is lower again as I have a few tech longs which have been sold off on the NASDAQ weakness. I actually think the US tech index is showing signs of topping out and diverging from the DOW and the S&P 500 which still look ok to me. I don't necessarily see the local stocks as doing the same but it's providing a headwind. GSW is an exception today as it continues to rise. I've sold my balance in the high 220s which is where it is now though it did trade as high as 236.
3 pm Platinum looks very much like a false break and I'm out at 613 versus my entry price of 627. These charts can move hard in the opposite direction as the Johnny come latelies like me get shaken out. At least JBH, having made a minor new low at 2242 relative to two very recent lows at 2247 and 2245, is bouncing back. It's still down 36 to 2270 but worth holding for a chance of a chop back to 2300 or so.
4.19 pm I broke even in the large cap book thanks to buying oil stocks early. PTM was a good cut, painful as it was to get whipsawed, because the stock closed down at 607. JBH continued to rebound and closed down 20 at 2286 while BPT is in acceleration mode. I bought at 77.5 on the open and sold a third on the match at 80.5. I also have stock in the small cap book as a longer term hold.
STO is a similar story and I held some and sold some at 417 on the match. OSH held the 700 break on the close and that's my largest position in dollar value as it may have more short term upside.
The index closed down 13 points to 5671 and this time it really does feel like it's different.
I think the oils will run their own race and I have a couple of fresh shorts in weaker stocks which should help if the market can't hold support. QBE is one of those.
The small cap book was down again, mostly small losses across 5 or 6 holdings. There are a couple I'm thinking of cutting but it's not clear yet.
My overnight positions have been very poor to this point with JBH down 2% and I'm annoyed with myself for trying to pick the low here while PTM has been down 13 cents but has recovered slightly to be down 9 at 618.
So a rotten start to the day which I've managed to mostly negate by buying BPT, OSH and STO early.
OSH is particularly interesting having finally broken that 700 level.
3 pm Platinum looks very much like a false break and I'm out at 613 versus my entry price of 627. These charts can move hard in the opposite direction as the Johnny come latelies like me get shaken out. At least JBH, having made a minor new low at 2242 relative to two very recent lows at 2247 and 2245, is bouncing back. It's still down 36 to 2270 but worth holding for a chance of a chop back to 2300 or so.
4.19 pm I broke even in the large cap book thanks to buying oil stocks early. PTM was a good cut, painful as it was to get whipsawed, because the stock closed down at 607. JBH continued to rebound and closed down 20 at 2286 while BPT is in acceleration mode. I bought at 77.5 on the open and sold a third on the match at 80.5. I also have stock in the small cap book as a longer term hold.
The index closed down 13 points to 5671 and this time it really does feel like it's different.
I think the oils will run their own race and I have a couple of fresh shorts in weaker stocks which should help if the market can't hold support. QBE is one of those.
The small cap book was down again, mostly small losses across 5 or 6 holdings. There are a couple I'm thinking of cutting but it's not clear yet.
Comments
Post a Comment