Reluctant rally
11.26 am It seems like a reluctant rally as the market has pushed higher without a whole heap of enthusiasm. Perhaps it's because the big 4 banks are up 1.3 to 1.4% and that's soaking up most of the points gain. I tend not to trade the banks now that the option market is a shadow of its former self.
My small cap book is unchanged but my active trading book is doing pretty well with Platinum up 8 to 616 and breaking out to the upside. I actually sold half here at 616 and I'm thinking that's a bit silly given today's new high so I'll rebuild the position on any weakness.
New positions in OSH and TAH are mixed but net positive with OSH down 1.2% as oils take a small breather while TAH is up 2.6% at 427. A small position in SYR is also doing pretty well, up 7 to 360.
11.52 am I've had a position in NWH for a while and I'm a little disappointed in the performance over the last couple of sessions as I thought there was a chance of a spike into the mid 120s. The SPP allocations for the retail component of the fund raising come through tomorrow and it could be the thought of many retail shareholders taking a windfall gain that is holding the stock back. The new shares will cost 68 cents each but it will be massively oversubscribed. I applied for the maximum, $10k or almost 15 thousand shares but I'll be surprised if I get more than a thousand. My point is that the pressure on the stock may not be as strong as anticipated. Anyway, we'll see how it develops. Valuation is good, prospects are good too but I need to trade the technicals and not fall in love with it.
Here's the latest chart and while it's strong, the failure at a marginal new high is a warning signal.
1.10 pm Out of a quarter of the TAH position at 430 as that was the initial target and got back into additional PTM at 616. I've had a tiny position in Webjet for a week and just added a bit more at 1196. It's a waiting game as it consolidates just under 1200 but the next move should take it into the 1240-1280 range. If I'm right and I'm lucky I might be able to get some more on the way through 1200.
3.10 pm PTM hasn't gone on with it though I'm reasonably relaxed. It has eased back to 613. Meanwhile, SYR has kicked in to 368. I'm thinking it can get to the high 370s, possibly this afternoon. The 30 minute chart shows a resumption of the uptrend.
4.27 pm The index closed up 33 points, fading slightly but looking ok to me, at least for the morning.
SYR didn't do what I hoped but held ok. I sold half on the match at 367 and another portion of TAH at 433, slightly better than the closing price of 432. I also sold a few NWH at 112 because it's not rallying. Otherwise OSH finished down 4 but better than it had been for most of the day. PTM finished well at 618 and I'm hoping for an exit in the high 620s tomorrow.
My small cap book went ok on balance even though the longs I'd written about (NAN, NWH, OVH and UPD) were broadly weak. But Afterpay, Beach and Cleanteq went well. I added a new long in Lithium hopeful Altura at 21 (closed at 20.5). I'm a day late but the sector is running hard.
My small cap book is unchanged but my active trading book is doing pretty well with Platinum up 8 to 616 and breaking out to the upside. I actually sold half here at 616 and I'm thinking that's a bit silly given today's new high so I'll rebuild the position on any weakness.
11.52 am I've had a position in NWH for a while and I'm a little disappointed in the performance over the last couple of sessions as I thought there was a chance of a spike into the mid 120s. The SPP allocations for the retail component of the fund raising come through tomorrow and it could be the thought of many retail shareholders taking a windfall gain that is holding the stock back. The new shares will cost 68 cents each but it will be massively oversubscribed. I applied for the maximum, $10k or almost 15 thousand shares but I'll be surprised if I get more than a thousand. My point is that the pressure on the stock may not be as strong as anticipated. Anyway, we'll see how it develops. Valuation is good, prospects are good too but I need to trade the technicals and not fall in love with it.
Here's the latest chart and while it's strong, the failure at a marginal new high is a warning signal.
1.10 pm Out of a quarter of the TAH position at 430 as that was the initial target and got back into additional PTM at 616. I've had a tiny position in Webjet for a week and just added a bit more at 1196. It's a waiting game as it consolidates just under 1200 but the next move should take it into the 1240-1280 range. If I'm right and I'm lucky I might be able to get some more on the way through 1200.
3.10 pm PTM hasn't gone on with it though I'm reasonably relaxed. It has eased back to 613. Meanwhile, SYR has kicked in to 368. I'm thinking it can get to the high 370s, possibly this afternoon. The 30 minute chart shows a resumption of the uptrend.
4.27 pm The index closed up 33 points, fading slightly but looking ok to me, at least for the morning.
SYR didn't do what I hoped but held ok. I sold half on the match at 367 and another portion of TAH at 433, slightly better than the closing price of 432. I also sold a few NWH at 112 because it's not rallying. Otherwise OSH finished down 4 but better than it had been for most of the day. PTM finished well at 618 and I'm hoping for an exit in the high 620s tomorrow.
My small cap book went ok on balance even though the longs I'd written about (NAN, NWH, OVH and UPD) were broadly weak. But Afterpay, Beach and Cleanteq went well. I added a new long in Lithium hopeful Altura at 21 (closed at 20.5). I'm a day late but the sector is running hard.
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