Investment thesis for Platinum
11.36 am It's an extremely quiet start to the day with the market 15 points lower in desultory action.
My overnight positions are slightly negative with IPL down 5 to 345 and I've cut WOW for about square. NWH has bounced a little.
One stock I'm interested in is PTM which has been bouncing since the start of June and got a boost from the result. It issued the monthly funds under management figure yesterday and it looks as if inflows were mildly positive. This is indicating a turnaround from the negative funds flow seen over the last couple of years and is a reward for outperformance and a portfolio which should be less vulnerable to any NASDAQ shocks in the months to come relative to their competitors. I think today's action is a bullish break from a high pennant type consolidation and I've gone long at 601.
It's early in the day to make that judgement but the intraday chart looks very good to me so my thought is that I'm getting set at better levels now.
12.45 pm The lithium stocks are running this week and I'm long Orocobre. A small position bought yesterday at 409 and an additional amount at 412 this morning. It's just a momentum trade but after buying a short term peak this morning, the stock has reversed above my entry levels and I'm hopeful of a push to 420 or so this afternoon.
I'm also long another one, Pilbara Minerals, in the small cap book and this has actually done better than ORE. Bought yesterday at 40.5 and up to 43 now. I'm probably overly conservative but I've sold a third at 42 and I'm offering another third at 43.5.
1.10 pm Another small cap of interest is Onevue, a service provider to the wealth management industry. I've had this for quite a while in my super fund but it hasn't done much despite Bell Potter having a price target of 104 and calling it significantly undervalued. There is unusually high volume today and I've bought some at 65, the current price. There was a short term peak of 66 in May and I'd like to see it finish above that today.
Meanwhile it's a mixed picture in my lithium stocks with ORE fading back to 407 while in PLS, I've sold the second tranche at 43.5.
2.35 pm The ASX 200 fell to the magic 5660 level or close to it, with the day's low being 5661. This was the trigger for a minor bounce and the index now stands at 5668. My positions have been given a boost by the resumption of the rally in NWH. It's up to 115.5 and I hold some via CFDs and some in stock. Here's the latest.
4.31 pm The market closed down 17 points, struggling against concerns about North Korea and Hurricane Irma. I went ok today with a largely long book despite that. Best was NWH which closed at 119 and I sold a small amount at 118. Otherwise PTM held but there was no benefit from the early purchase as it closed at 600 and I sold half the ORE at 412, it finished at 409. Pilbara closed at 43.5 and was the other big gainer for me today.
I've bought a small amount of Updater, an online relocation company based in the US that's doing very well and raised 50 million AUD quite easily this week. There was a bit of a sell off on the discounted raising at 125 but buying re-emerged today so I went long at 142. It closed at 140.
My overnight positions are slightly negative with IPL down 5 to 345 and I've cut WOW for about square. NWH has bounced a little.
One stock I'm interested in is PTM which has been bouncing since the start of June and got a boost from the result. It issued the monthly funds under management figure yesterday and it looks as if inflows were mildly positive. This is indicating a turnaround from the negative funds flow seen over the last couple of years and is a reward for outperformance and a portfolio which should be less vulnerable to any NASDAQ shocks in the months to come relative to their competitors. I think today's action is a bullish break from a high pennant type consolidation and I've gone long at 601.
12.45 pm The lithium stocks are running this week and I'm long Orocobre. A small position bought yesterday at 409 and an additional amount at 412 this morning. It's just a momentum trade but after buying a short term peak this morning, the stock has reversed above my entry levels and I'm hopeful of a push to 420 or so this afternoon.
1.10 pm Another small cap of interest is Onevue, a service provider to the wealth management industry. I've had this for quite a while in my super fund but it hasn't done much despite Bell Potter having a price target of 104 and calling it significantly undervalued. There is unusually high volume today and I've bought some at 65, the current price. There was a short term peak of 66 in May and I'd like to see it finish above that today.
2.35 pm The ASX 200 fell to the magic 5660 level or close to it, with the day's low being 5661. This was the trigger for a minor bounce and the index now stands at 5668. My positions have been given a boost by the resumption of the rally in NWH. It's up to 115.5 and I hold some via CFDs and some in stock. Here's the latest.
4.31 pm The market closed down 17 points, struggling against concerns about North Korea and Hurricane Irma. I went ok today with a largely long book despite that. Best was NWH which closed at 119 and I sold a small amount at 118. Otherwise PTM held but there was no benefit from the early purchase as it closed at 600 and I sold half the ORE at 412, it finished at 409. Pilbara closed at 43.5 and was the other big gainer for me today.
I've bought a small amount of Updater, an online relocation company based in the US that's doing very well and raised 50 million AUD quite easily this week. There was a bit of a sell off on the discounted raising at 125 but buying re-emerged today so I went long at 142. It closed at 140.
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