Caution the watch word
12.04 pm The rally continues but very cautiously though the market has crept higher than I expected, up 15 to 5904.
I've been wanting to reduce position size and have sold the A2M and ORA longs for small gains as they're pretty flat today along with some BPT at 90.5 and half of the ABC long which is up a few cents at 607. I got the chance to buy back in to IGO at about 416 as it opened slightly weaker and it's rallied from there to be 10 cents higher now. Sandfire has played catch up after yesterday's outperformance although it's only 5 cents at this point as copper eased overnight.
The small cap book has had a few duds but because APT has run very hard to 525 on an update, there is a decent profit there. I've taken the opportunity to get out of AGY, ASL and NAN all of which were a bit weaker.
I bought some Praemium at 52.5 on the close and I've sold a third at 55.5 on the way up to 57.5 where it last traded.
Onevue is in a broadly similar business and I've bought at 71.5 though I've pre-empted a break where 72.5 would confirm the resumption of the rally.
1.20 pm I've added a new long in gold miner Northern Star at 524. It's a pretty strong chart and is resuming today after a three day consolidation. For the first time in a while, the mid cap golds are all running with SBM the pick after a well received quarterly.
I'm out of half of the IGO at 432.
2.29 pm Back from a swim and find I've sold the balance of the Independence Group at 435. I just checked reporting calendars and NST has a quarterly tomorrow. I like the chart but I won't build the position to full size in case of disappointment.
NWH is looking as if it might have formed a lower high. I'm not cutting yet but it's an amber alert.
4.30 pm The streak continued, just, with the ASX 200 gaining 1 point to 5891. I've wound back my longs including selling the last of the ABC and CWY for small gains. NST fell back to close up 2 at 518 and I added a partial long in ORI. It has had a long shallow correction and is pushing the top of the range. My position size is about a third of the usual because with the market stalling there might be better entry points tomorrow.
In the small cap book, OVH closed at 73 which was the break I was looking for, while APT drifted lower with the market for much of the afternoon only to push again on the match which bodes well for tomorrow.
I've been wanting to reduce position size and have sold the A2M and ORA longs for small gains as they're pretty flat today along with some BPT at 90.5 and half of the ABC long which is up a few cents at 607. I got the chance to buy back in to IGO at about 416 as it opened slightly weaker and it's rallied from there to be 10 cents higher now. Sandfire has played catch up after yesterday's outperformance although it's only 5 cents at this point as copper eased overnight.
The small cap book has had a few duds but because APT has run very hard to 525 on an update, there is a decent profit there. I've taken the opportunity to get out of AGY, ASL and NAN all of which were a bit weaker.
I bought some Praemium at 52.5 on the close and I've sold a third at 55.5 on the way up to 57.5 where it last traded.
1.20 pm I've added a new long in gold miner Northern Star at 524. It's a pretty strong chart and is resuming today after a three day consolidation. For the first time in a while, the mid cap golds are all running with SBM the pick after a well received quarterly.
2.29 pm Back from a swim and find I've sold the balance of the Independence Group at 435. I just checked reporting calendars and NST has a quarterly tomorrow. I like the chart but I won't build the position to full size in case of disappointment.
NWH is looking as if it might have formed a lower high. I'm not cutting yet but it's an amber alert.
4.30 pm The streak continued, just, with the ASX 200 gaining 1 point to 5891. I've wound back my longs including selling the last of the ABC and CWY for small gains. NST fell back to close up 2 at 518 and I added a partial long in ORI. It has had a long shallow correction and is pushing the top of the range. My position size is about a third of the usual because with the market stalling there might be better entry points tomorrow.
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