Happy anniversary
12.17 pm The anniversary functions for the 1987 crash are in full swing and the market obliged with some early weakness however the trend has reasserted itself and the index is now up 6 at 5902.
I should have cut SFR whose quarterly was a minor disappointment and the stock is down another 20. It's off it's lows though and the value is there relative to other copper plays so I suspect the gap will close as the day goes on. ORE is also down 9 to 491 though I'm holding for now. I bought a couple of stocks early which I've been selling into the bounce - AGL, API, MTS - so that has softened the blow.
The small cap book is down a little on balance and I stuffed up by selling WHA at 150 close to the open only for it to be the best performer with a surge to 167.
NWH announced another contract win this morning which has helped it along. It now looks ready to test 130 again. I've added to the position at 122.
2.01 pm MLX has kicked again. I wasn't paying attention early and forgot about a sell order I'd left in at 87.5. Much to my chagrin, it popped above 95 and I've bought more on the pullback at 91. Back up to 93 and in acceleration mode. Valuations are generally higher and an upgrade this morning with a price target around 120 was fairly typical and enough to push the stock to new 10 year highs.
2.19 pm A friend was telling me about New Century Zinc which only came on the boards a few months ago. I hadn't realised that it was the old Pasminco/Zinifex mine that's out of mothballs now that the zinc price makes it economic again. It's a high quality mine with infrastructure that's worth much more than the value of the company. There's a minor buy signal today and though I'm a little concerned that it's halfway through a correction, I'm glad I took the punt and bought some at 132 as it has popped to 138.
3.02 pm Some housekeeping...sold a few NWH at 123.5 and a third of the NCZ at 139.5 as 140 is attracting selling.
4.37 pm I blotted my copybook by holding a couple of lazy trades overnight. Most of my list of fresh trades yesterday went well but it was a dose of stubbornness that has not been much of an issue for me lately. Anyway, I sold the ORE at 485 and kept the SFR as they closed comfortably higher than the intraday low, down 15, and it was a reduced position size after cutting some yesterday.
I've bought some MPL on the match at 315 as the stock resumed the rally after a short congestion. I'm looking for another driving day here though it's not a big mover generally.
It was a day for chickens coming home to roost with a lazy position in UPD in the small cap book also costing me as it broke support at 120 and I cut at 117. I like this stock a lot but it was a very stale trade and my preference is to buy the strength.
At least in the small caps I ground out a small gain helped out by a trade in punters special MXC. It's one of the new cannabis stocks that announced a deal with a Malaysian skincare company that they think will bring them cash flow of $3 million a month which is a lot for a start up. The stock surged at the open and retraced for an hour or two. I bought the resumption at 6.3 and sold out a third on the match at 7.6. The daily chart is not that helpful so I've added the 10 minute intraday chart. Volume was a massive 401 million shares and I think that was general turnover rather than one or two large crossings.
I should have cut SFR whose quarterly was a minor disappointment and the stock is down another 20. It's off it's lows though and the value is there relative to other copper plays so I suspect the gap will close as the day goes on. ORE is also down 9 to 491 though I'm holding for now. I bought a couple of stocks early which I've been selling into the bounce - AGL, API, MTS - so that has softened the blow.
The small cap book is down a little on balance and I stuffed up by selling WHA at 150 close to the open only for it to be the best performer with a surge to 167.
NWH announced another contract win this morning which has helped it along. It now looks ready to test 130 again. I've added to the position at 122.
2.01 pm MLX has kicked again. I wasn't paying attention early and forgot about a sell order I'd left in at 87.5. Much to my chagrin, it popped above 95 and I've bought more on the pullback at 91. Back up to 93 and in acceleration mode. Valuations are generally higher and an upgrade this morning with a price target around 120 was fairly typical and enough to push the stock to new 10 year highs.
2.19 pm A friend was telling me about New Century Zinc which only came on the boards a few months ago. I hadn't realised that it was the old Pasminco/Zinifex mine that's out of mothballs now that the zinc price makes it economic again. It's a high quality mine with infrastructure that's worth much more than the value of the company. There's a minor buy signal today and though I'm a little concerned that it's halfway through a correction, I'm glad I took the punt and bought some at 132 as it has popped to 138.
3.02 pm Some housekeeping...sold a few NWH at 123.5 and a third of the NCZ at 139.5 as 140 is attracting selling.
4.37 pm I blotted my copybook by holding a couple of lazy trades overnight. Most of my list of fresh trades yesterday went well but it was a dose of stubbornness that has not been much of an issue for me lately. Anyway, I sold the ORE at 485 and kept the SFR as they closed comfortably higher than the intraday low, down 15, and it was a reduced position size after cutting some yesterday.
I've bought some MPL on the match at 315 as the stock resumed the rally after a short congestion. I'm looking for another driving day here though it's not a big mover generally.
At least in the small caps I ground out a small gain helped out by a trade in punters special MXC. It's one of the new cannabis stocks that announced a deal with a Malaysian skincare company that they think will bring them cash flow of $3 million a month which is a lot for a start up. The stock surged at the open and retraced for an hour or two. I bought the resumption at 6.3 and sold out a third on the match at 7.6. The daily chart is not that helpful so I've added the 10 minute intraday chart. Volume was a massive 401 million shares and I think that was general turnover rather than one or two large crossings.
Comments
Post a Comment