Holiday blues
11.38 pm Yet another excellent morning lead from just about every other global stock market and yet another disappointing session as the market made no attempt to rally despite a stronger SPI and sold off from the open. Some are suggesting that it's overseas selling and with very light local participation because of school holidays, there is a vacuum.
My positions have been ok overall. I sold a third of the MIN on a gap higher to 1745 thanks to another earnings upgrade. It looked as if it could reverse lower after the new all time high so I sold a second tranche at 1700 versus last nights entry at the closing price of 1694. The stock has steadied to be 1710 now.
I held SYR for another day and that's higher today but it's still unclear whether this is forming a lower high. I got out of a quarter of the position just above my entry price at 372, it's 367 now.
In the small cap book, I'm out of half the EML at 204 (entry was 209) and half of the GSW at 293 with the stock up 8 at 296 now.
NEA isn't kicking on as I'd hoped so I'm looking to sell the balance at my entry price of 65.5.
12.49 pm Out of the last of the GSW at 294 and more of SYR at 360 but not enough as it was a lower high and the stock is back to 353. The rest of the sector is doing ok so I'm reluctant to dump them now with the index having a slight recovery.
Otherwise, I added a new long in QAN. I thought this had topped out but it's been a very high flat congestion that is now pushing up to the recent highs at 600. If this kicks through there could be a vacuum to the upside. Long at 595.
3.02 pm GSW made a positive announcement and surged again, up close to highs at 312 now. I've bought and sold a few at these higher levels. The lesson is to give these hyperbolic stocks some room but watch closely for obvious turns.
Talking of hot stocks, A2M is forming another buy signal rallying today after a brief congestion. If it can finish well, I'll consider buying some on the close.
I'm out of the balance of EML at 206 and got some NEA away at 65.5 but may have to sell the balance lower on the close as it disappoints. Overall the small cap book is having a mildly positive day, a good performance relative to the market.
4.26 pm A very poor performance left the market teetering at support. The close was 5652 on the ASX 200 which is a closing low relative to recent lows going back to early June although intraday minima have been between 5630 and 5640. It would be good to get a break of the range and although I'm generally long, I'm pretty sure trading conditions would improve.
I sold out of the last SYR at 351 having sold half at 366 but it was a net loss. MIN did well and I sold the last at the closing price of 1726 which was slightly above my average sale price for the day.
QAN eased a little but closed up 2 at 593. My other long is A2M at 631. I shorted a few BSL at 1090. It's a weak chart and is rolling over after a minor rally and a lower high.
The small caps did ok and GSW closed up 27 at 315. I'm long a very small amount. Otherwise, I exited NEA at 64.5 which was a scratch trade after the initial sale at 66.5. I still have 8 small positions in the small cap book as I was getting lazy with decision making but I've been slowly trimming as stocks reach levels I like and any new positions I've initiated have been sold after a day or two. I'm enjoying trading these stocks and the book is doing well especially considering how terrible the market has been.
My positions have been ok overall. I sold a third of the MIN on a gap higher to 1745 thanks to another earnings upgrade. It looked as if it could reverse lower after the new all time high so I sold a second tranche at 1700 versus last nights entry at the closing price of 1694. The stock has steadied to be 1710 now.
I held SYR for another day and that's higher today but it's still unclear whether this is forming a lower high. I got out of a quarter of the position just above my entry price at 372, it's 367 now.
In the small cap book, I'm out of half the EML at 204 (entry was 209) and half of the GSW at 293 with the stock up 8 at 296 now.
NEA isn't kicking on as I'd hoped so I'm looking to sell the balance at my entry price of 65.5.
12.49 pm Out of the last of the GSW at 294 and more of SYR at 360 but not enough as it was a lower high and the stock is back to 353. The rest of the sector is doing ok so I'm reluctant to dump them now with the index having a slight recovery.
Otherwise, I added a new long in QAN. I thought this had topped out but it's been a very high flat congestion that is now pushing up to the recent highs at 600. If this kicks through there could be a vacuum to the upside. Long at 595.
3.02 pm GSW made a positive announcement and surged again, up close to highs at 312 now. I've bought and sold a few at these higher levels. The lesson is to give these hyperbolic stocks some room but watch closely for obvious turns.
Talking of hot stocks, A2M is forming another buy signal rallying today after a brief congestion. If it can finish well, I'll consider buying some on the close.
4.26 pm A very poor performance left the market teetering at support. The close was 5652 on the ASX 200 which is a closing low relative to recent lows going back to early June although intraday minima have been between 5630 and 5640. It would be good to get a break of the range and although I'm generally long, I'm pretty sure trading conditions would improve.
I sold out of the last SYR at 351 having sold half at 366 but it was a net loss. MIN did well and I sold the last at the closing price of 1726 which was slightly above my average sale price for the day.
QAN eased a little but closed up 2 at 593. My other long is A2M at 631. I shorted a few BSL at 1090. It's a weak chart and is rolling over after a minor rally and a lower high.
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