Running into a stiff breeze
12.33 pm A gain of 7 points but the combination of ex dividends and continued malaise in the banks, especially CBA, means that the market is actually a little more interesting than it appears at first glance.
A2M is looking promising and the lithium plays are still running. I'm out of the balance of AYS for 192 in my small dollar book and have bought back into Costa Group at 535 on hopes of a simple resumption after a pullback.
2 pm It just occurs to me that I should be calling the small dollar book, the small cap book since CGC at 535 is not small dollar. Anyway, in the small cap book I've bought some NWH at 110. I've pre-empted a daily signal because of a good entry signal. Ideally the stock would trade above 111 today. They announced completion of an excellent acquisition this morning and also informed the market that the share purchase plan was already heavily oversubscribed with a few days to go till it expires. This helps to limit fears of small shareholders weighing on the stock, I think.
2.16 pm I've just read that a US hedge fund sold a 3% stake in CGC last night at 525. It actually seems quite bullish as they got 10 million shares away only 5 cents below the last sale. Not that it's helping my new position, still trading around the entry price.
3.16 pm I'm holding onto A2M for another day. It's done well today but there's a chance it can accelerate on Monday. The other alternative is a lower high and a second leg down but I suspect it will at least look at 520 first.
Another one I'm long is CSR. An engulfing bar is looking like a higher low here.
4.32 pm The resources sector is pretty strong after a good reporting season. FMG did really well today as it was ex dividend 25 cents and closed down 6 for an effective gain of 19 cents. Galaxy was also strong although ORE and SYR came off early highs.
A2M is looking promising and the lithium plays are still running. I'm out of the balance of AYS for 192 in my small dollar book and have bought back into Costa Group at 535 on hopes of a simple resumption after a pullback.
2 pm It just occurs to me that I should be calling the small dollar book, the small cap book since CGC at 535 is not small dollar. Anyway, in the small cap book I've bought some NWH at 110. I've pre-empted a daily signal because of a good entry signal. Ideally the stock would trade above 111 today. They announced completion of an excellent acquisition this morning and also informed the market that the share purchase plan was already heavily oversubscribed with a few days to go till it expires. This helps to limit fears of small shareholders weighing on the stock, I think.
2.16 pm I've just read that a US hedge fund sold a 3% stake in CGC last night at 525. It actually seems quite bullish as they got 10 million shares away only 5 cents below the last sale. Not that it's helping my new position, still trading around the entry price.
3.16 pm I'm holding onto A2M for another day. It's done well today but there's a chance it can accelerate on Monday. The other alternative is a lower high and a second leg down but I suspect it will at least look at 520 first.
Comments
Post a Comment