Gravity - the big G
11.52 The market is just trying to get its funky job done and that involves poking it's head above 5800 and fading on cue. The ASX 200 is now holding onto a 1 point gain at 5795.
My overnight large caps are all a little bit weaker which is disappointing in IGO because nickel was very strong again and gold continues to rally modestly.
I compensated to an extent with an early long in ORE at 492 as I thought the minor pullback was drawing to an end and a strong open would be well supported. Out of half at 501 where it sits now.
Once again the small cap book is the better performer. I sold a third of the MSB at 192, got out of a couple of non performers for small gains and small losses and added longs in smaller lithium plays GXY and PLS. Both have gone quite well. Bought GXY at 319 on an early break and took half off at 325, the current level.
Medibank Private looked strong at yesterday's close but given the long underperformance in this sector I let it pass. New government incentives to lower prosthetic prices and incentives to take up private health insurance is helping HSO, MPL and RHC and I've bought some MPL at 310 with the thought of buying more if it kicks on.
12.26 pm Since I decided not to sell into the post acquisition rally in BPT the stock has had a slow grind back down. The retail share issue closes on Monday and I wonder if an attempt to drive the stock below the 75 cents issue level is looking to have failed and today the stock is showing tentative signs of life with a break of yesterday's high following yesterday's rejection of trading below 80.
I've added to my position at 82.5.
2 pm The index is back over the 5800 level, up 17 to 5811.
In the large caps, IGO is in the doldrums and I'm tempted to hold because WSA is fine and it could be disappointed Friday longs - like me. BTT is not doing much but recovering from a trip below 1150. I'm out of half at about last night's close. SYD is almost back to square too. Orocobre is still the pick having pushed on to 508.
In the small caps, I've bought some NWH at 120.5. I think the chart has formed a pennant and is rolling up. It's very reasonably priced compared to other medium sized mining services/civil engineering stocks.
2.55 pm Bluescope Steel was savaged after a good result on a downbeat outlook. The suggestion at the time was of an over reaction. The AGM on Tuesday was well received and the prospect of stronger anti-dumping legislation is another tailwind, mitigating the known problem of higher power prices. Today's strong action has seen the price move through the 1200 high of the very weak post result day and I bought some at 1201. It's continued up to 1209 and I only have a bit over half of what I'm after.
To make room for this trade, I've exited SYD for 731 which was my entry price.
4.37 pm The index has powered through the atmosphere and is floating weightless above 5800 at 5814.
I added more BSL on the match at 1207, trimmed a couple of IGO on the close at a disappointing 280, held a couple of BTT and bought some Aristocrat. It had a good run earlier in the week and I've been looking for a short high congestion to enter. Here's the daily.
Meanwhile, I sold out of GXY for 325 and 331 and PLS for 82 along with some MSB at an average around 190. A new small trade was in DCC, an ATM operator with a growing sideline in cryptocurrencies. It's a punters' special and I bought at 6.1 as the stock caught a bid, finishing at 6.7.
The large cap book made a moderate profit this week and the small caps did very well. The technicals for the index look pretty solid after a good driving week to the upside although we're still inside the upper bounds of the range. Not quite weightless.
My overnight large caps are all a little bit weaker which is disappointing in IGO because nickel was very strong again and gold continues to rally modestly.
I compensated to an extent with an early long in ORE at 492 as I thought the minor pullback was drawing to an end and a strong open would be well supported. Out of half at 501 where it sits now.
12.26 pm Since I decided not to sell into the post acquisition rally in BPT the stock has had a slow grind back down. The retail share issue closes on Monday and I wonder if an attempt to drive the stock below the 75 cents issue level is looking to have failed and today the stock is showing tentative signs of life with a break of yesterday's high following yesterday's rejection of trading below 80.
I've added to my position at 82.5.
2 pm The index is back over the 5800 level, up 17 to 5811.
In the large caps, IGO is in the doldrums and I'm tempted to hold because WSA is fine and it could be disappointed Friday longs - like me. BTT is not doing much but recovering from a trip below 1150. I'm out of half at about last night's close. SYD is almost back to square too. Orocobre is still the pick having pushed on to 508.
In the small caps, I've bought some NWH at 120.5. I think the chart has formed a pennant and is rolling up. It's very reasonably priced compared to other medium sized mining services/civil engineering stocks.
2.55 pm Bluescope Steel was savaged after a good result on a downbeat outlook. The suggestion at the time was of an over reaction. The AGM on Tuesday was well received and the prospect of stronger anti-dumping legislation is another tailwind, mitigating the known problem of higher power prices. Today's strong action has seen the price move through the 1200 high of the very weak post result day and I bought some at 1201. It's continued up to 1209 and I only have a bit over half of what I'm after.
4.37 pm The index has powered through the atmosphere and is floating weightless above 5800 at 5814.
I added more BSL on the match at 1207, trimmed a couple of IGO on the close at a disappointing 280, held a couple of BTT and bought some Aristocrat. It had a good run earlier in the week and I've been looking for a short high congestion to enter. Here's the daily.
Comments
Post a Comment