Escape valve
11.48 pm As is often the way when a long term range is finally broken, the pent up energy continues to be released and the market is up 38 to 5885.
The best of the large caps for me is IGO where I've sold some at 408 and some at 416. It's at 417 now, up 23. I sold out of EVN at 234 average as gold was down overnight but the upgrades were enough to provide support after early weakness. I also got out of the balance of BSL at 1262. I've added Orora at 328. The AGM this morning confirmed things are going well for the company and the stock is pushing all time highs following a minor consolidation.
I've mainly been taking advantage of the strength to sell in the small caps too with a sale of some extra BPT at 87.5, half the Argosy at 27.5 and all of the LIT at 18.5 as it weakened after early strength though I still like the stock and will look for another opportunity.
Afterpay is finally running again. I sold a third out at 466, up 33 on the day, and it's presently at 461 and looking good.
Metals X is a new long in this book, it's a small to mid sized diversified miner with a good copper asset and though the chart is only moderately strong, I thought the huge run in copper could give it a lift and bought some at the open at 82.
1.57 pm Most of the builders are giving buy signals. I think my favourite is Adelaide Brighton. Here's the daily which shows an acceleration today and a close above 600 would be a new closing high.
2.18 pm Out of the last of the IGO at 421. OK on the day but the stock has a fair way to go so I'll be looking at betting back in on dips. Otherwise I've bought some ABC at 602 and some A2M, on a resumption after a pause, at 720.
The market feels toppy so I've been trying to lighten the load across the board and it least roll into stocks that are resuming after a consolidation.
3.35 pm The copper stocks have understandably performed well today and I've bought and sold OZL for a gain. I've also bought Sandfire, at an average of around 613.5, and for some reason there's a bit of selling around with the stock up 8 to 610 which is about a quarter of the OZL move. It's another range trading stock so not a super strong chart but the break from a solid congestion below 600 is clear enough.
4.33 pm The ASX 200 had a driving day where it opened a little higher and rallied all day, finishing a handful of points below the intraday high at 5890. This generally bodes well for further strength but I could feel a change midway through the day, especially in the small caps, as we moved into wall of worry territory and there were some sharp pullbacks. I think the pattern will be for middle of the day pullbacks if it keeps running so I'll look to be opportunistic if stocks I'm long pop higher.
It was another good day even though most of the gains were booked early after which a few of my positions chopped lower. Afterpay was an exception, finishing on its highs at 470.
The best of the large caps for me is IGO where I've sold some at 408 and some at 416. It's at 417 now, up 23. I sold out of EVN at 234 average as gold was down overnight but the upgrades were enough to provide support after early weakness. I also got out of the balance of BSL at 1262. I've added Orora at 328. The AGM this morning confirmed things are going well for the company and the stock is pushing all time highs following a minor consolidation.
Afterpay is finally running again. I sold a third out at 466, up 33 on the day, and it's presently at 461 and looking good.
1.57 pm Most of the builders are giving buy signals. I think my favourite is Adelaide Brighton. Here's the daily which shows an acceleration today and a close above 600 would be a new closing high.
2.18 pm Out of the last of the IGO at 421. OK on the day but the stock has a fair way to go so I'll be looking at betting back in on dips. Otherwise I've bought some ABC at 602 and some A2M, on a resumption after a pause, at 720.
The market feels toppy so I've been trying to lighten the load across the board and it least roll into stocks that are resuming after a consolidation.
3.35 pm The copper stocks have understandably performed well today and I've bought and sold OZL for a gain. I've also bought Sandfire, at an average of around 613.5, and for some reason there's a bit of selling around with the stock up 8 to 610 which is about a quarter of the OZL move. It's another range trading stock so not a super strong chart but the break from a solid congestion below 600 is clear enough.
4.33 pm The ASX 200 had a driving day where it opened a little higher and rallied all day, finishing a handful of points below the intraday high at 5890. This generally bodes well for further strength but I could feel a change midway through the day, especially in the small caps, as we moved into wall of worry territory and there were some sharp pullbacks. I think the pattern will be for middle of the day pullbacks if it keeps running so I'll look to be opportunistic if stocks I'm long pop higher.
It was another good day even though most of the gains were booked early after which a few of my positions chopped lower. Afterpay was an exception, finishing on its highs at 470.
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