Ding Dong the range is dead
11.48 am ...at least for now. The market is up 36 points to 5850 and has stretched the rubber band without a snap back so far.
All my positions are longs and they're universally higher with the exception of MPL, down a couple of cents on muted reactions to the shake up in the government regulated health sector. I sold out of BTT in the high 1150s as it wasn't sought after really while BSL has been good and so has BPT. I added more NWH at 122.5 and it has just kicked up to 127.
I has actually sold a small remnant of Bubs at 61.5 this morning before looking at the chart and realising that it's probably building another launch pad. So back on board in greater volume at 62.5.
Nickel stacked on another 2.5% on Friday night but Deutsche came through with downgrades to IGO and WSA which hasn't helped. IGO is gradually turning around though and once the downgrade selling - which probably started on Friday - eases, the stock could rally sharply. WSA quickly shook off the selling and is now up 2.5% while IGO is up 0.8% or 3 cents to 383.
1.17 pm Oops. That was a short term peak in Bubs, down at 59.5 now.
1.41 pm In the small cap book, I've bought Nanosonics at 277. It's a breakout but the chart is not necessarily super strong, however volume is very decent so that has swayed me to buy.
Beach has confirmed Friday's tentative signs of life. Today is the deadline to apply for entitlement shares so the take up should be close to 100% which is a bullish sign. My impression is that fund managers are underweight this stock and as it becomes a much larger stock there will be more index buying.
3.08 pm I've sold some BSL and I'll hold some overnight as it accelerates today, helped by general strength in resources. BPT is up to 86 and NWH, thought it has eased to 124.5, looks very good. The pick for me is IGO which has caught up and is now at 392, up 12 on the day. I bought back Friday night's small sale at 381 to build the position back to standard size.
ALL hasn't done much today. I sold half at 2275 and will cut the rest later. I'm offering 2268 with the stock up 5 at 2264.
I've been retraining myself to keep buying strong stocks and I've added a small amount of Cleanaway. This might be excessive as it's already up 8 to 152 on the day - my entry price - but even if it's just for a one day hold, the risk/reward is usually favourable in these situations.
In the small caps, I've added a long in Argosy at 25.5. It's in the red hot lithium sector and is recovering after a short correction.
4.31 pm The ASX 200 closed at 5847 which was, crucially, above the recent range. I sold the last ALL at 2268 and a couple of IGO at 394 along with the last of Friday's MPL at 308.
EVN is another new long in the large caps. It's ranging rather than trading powerfully but a good quarterly will probably bring some more buying in the morning and the daily buy signal is clean. Influential resources analyst from Morgans - the name escapes me - was positive today.
The large cap book did better today though the small caps turned in a decent performance with the main error being to add BUB at exactly the wrong point in the day. I sold a third on the match at 58 in case the reversal gains momentum.
Otherwise, Lithium was a new long and it finished well. It's a nice break and on strong volume.
All my positions are longs and they're universally higher with the exception of MPL, down a couple of cents on muted reactions to the shake up in the government regulated health sector. I sold out of BTT in the high 1150s as it wasn't sought after really while BSL has been good and so has BPT. I added more NWH at 122.5 and it has just kicked up to 127.
I has actually sold a small remnant of Bubs at 61.5 this morning before looking at the chart and realising that it's probably building another launch pad. So back on board in greater volume at 62.5.
1.17 pm Oops. That was a short term peak in Bubs, down at 59.5 now.
1.41 pm In the small cap book, I've bought Nanosonics at 277. It's a breakout but the chart is not necessarily super strong, however volume is very decent so that has swayed me to buy.
Beach has confirmed Friday's tentative signs of life. Today is the deadline to apply for entitlement shares so the take up should be close to 100% which is a bullish sign. My impression is that fund managers are underweight this stock and as it becomes a much larger stock there will be more index buying.
3.08 pm I've sold some BSL and I'll hold some overnight as it accelerates today, helped by general strength in resources. BPT is up to 86 and NWH, thought it has eased to 124.5, looks very good. The pick for me is IGO which has caught up and is now at 392, up 12 on the day. I bought back Friday night's small sale at 381 to build the position back to standard size.
ALL hasn't done much today. I sold half at 2275 and will cut the rest later. I'm offering 2268 with the stock up 5 at 2264.
I've been retraining myself to keep buying strong stocks and I've added a small amount of Cleanaway. This might be excessive as it's already up 8 to 152 on the day - my entry price - but even if it's just for a one day hold, the risk/reward is usually favourable in these situations.
In the small caps, I've added a long in Argosy at 25.5. It's in the red hot lithium sector and is recovering after a short correction.
4.31 pm The ASX 200 closed at 5847 which was, crucially, above the recent range. I sold the last ALL at 2268 and a couple of IGO at 394 along with the last of Friday's MPL at 308.
EVN is another new long in the large caps. It's ranging rather than trading powerfully but a good quarterly will probably bring some more buying in the morning and the daily buy signal is clean. Influential resources analyst from Morgans - the name escapes me - was positive today.
Otherwise, Lithium was a new long and it finished well. It's a nice break and on strong volume.
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