Knocking on the door
11.30 am It's a flat market this morning as the slow grind continues overseas and the Aussie market shies at the 5800 level which is 25 points away.
My main large cap longs in IGO and SYR are doing well, both up 5 or 6 cents. I've sold a little of each as it doesn't seem like either will go too hard today. Otherwise, I bought some STO early. It was on my shortlist last night and received an upgrade this morning. It was pretty well bid and I'm long at 409 with the stock up to 416 now.
The chart shows the potential for a buy signal following a higher low and this morning's early trade took it through.
In the small caps it's still all about the infant formula sector with Bellamy's announcing an upgrade - surely heavily leaked - and gaining another 5%. Bubs is up 1.5 and WHA is up 9 to 113. I sold another quarter of the WHA position at 115. The rest of my small cap positions are little changed.
12.12 pm I sold out of a small balance of BTT at 1144 early on. The stock was upgraded by a couple of brokers but with the market stalling there seemed to be limited enthusiasm. Since then some momentum has established itself and I decided to buy back in at 1154. It has since popped to 1165 and eased again. I'm trying to finish my buying at 1158. The daily chart is showing signs of an acceleration that I was looking for a couple of days ago.
12.42 pm I paid up to 1160 to buy the balance of BTT giving an average entry price of 1157. I'm pretty gun shy about chasing strong intraday stock moves at the moment because the long period of congestion has more often than not led to those moves fading later in the day. However, the upgrades and the fact I've been tracking the stock looking for this acceleration gives me some confidence and tentatively, it's the right move with a small tick higher to 1162.
1.09 pm More on BT Investment Management....I was hesitant because the Funds under Management figure seemed mediocre but I heard an interesting analysis that the company is focussing on the higher margin retail sector while the fund losses were in the more marginal institutional area. Therefore the net income from fees was a decent increase.
1.26 pm I bought some Mesoblast for the small cap book two days ago. Yesterday was a high congestion and today the stock is pushing higher. It's a volatile stock so I'm hoping for a quick move to the 190-200 range.
3.25 pm There are a plethora of buy signals in the large caps today, across all sorts of sectors so I'm wondering if the market might be ready to push through 5800. I'm not going to add to my position size at this crucial juncture but I guess there's the chance to get on board intraday.
One I'm interested in is SYD. It's had a strong day, the weekly chart has turned up and it's gathering momentum through the day. Comparable stock TCL is also charting strongly.
I'm not going to hold the STO overnight. I like the stock but it's hovering below a recent high and with a quarterly due next week, it may chop till then.
4.22 pm The market climbed slowly all day to finish at 5795. I sold the last of the SYR at 377 though I got the first half away earlier at 384. I also sold STO at 415 but kept half of the IGO and added SYD to the BTT position. There was a late sell off in BTT to 1154 but I'm comfortable there.
The small caps did well again and I sold the last of the WHA at 122 as it spiked late. It actually finished at 130, a rise of 25%. MSB closed up 13 at 184 and even UPD showed signs of life. I've been in UPD for weeks at an average price in the mid 130s. In most cases I would have cut and run but the stock is in such a good long term trend that I felt it would be a shallow correction. It has been a shallow correction but a long slow one. However today might be the turning point as it resoundingly held 120 support. There have been a couple of false starts to the resumption of trend but that's not unusual. Here's the daily chart.
My main large cap longs in IGO and SYR are doing well, both up 5 or 6 cents. I've sold a little of each as it doesn't seem like either will go too hard today. Otherwise, I bought some STO early. It was on my shortlist last night and received an upgrade this morning. It was pretty well bid and I'm long at 409 with the stock up to 416 now.
The chart shows the potential for a buy signal following a higher low and this morning's early trade took it through.
12.12 pm I sold out of a small balance of BTT at 1144 early on. The stock was upgraded by a couple of brokers but with the market stalling there seemed to be limited enthusiasm. Since then some momentum has established itself and I decided to buy back in at 1154. It has since popped to 1165 and eased again. I'm trying to finish my buying at 1158. The daily chart is showing signs of an acceleration that I was looking for a couple of days ago.
1.09 pm More on BT Investment Management....I was hesitant because the Funds under Management figure seemed mediocre but I heard an interesting analysis that the company is focussing on the higher margin retail sector while the fund losses were in the more marginal institutional area. Therefore the net income from fees was a decent increase.
1.26 pm I bought some Mesoblast for the small cap book two days ago. Yesterday was a high congestion and today the stock is pushing higher. It's a volatile stock so I'm hoping for a quick move to the 190-200 range.
One I'm interested in is SYD. It's had a strong day, the weekly chart has turned up and it's gathering momentum through the day. Comparable stock TCL is also charting strongly.
4.22 pm The market climbed slowly all day to finish at 5795. I sold the last of the SYR at 377 though I got the first half away earlier at 384. I also sold STO at 415 but kept half of the IGO and added SYD to the BTT position. There was a late sell off in BTT to 1154 but I'm comfortable there.
The small caps did well again and I sold the last of the WHA at 122 as it spiked late. It actually finished at 130, a rise of 25%. MSB closed up 13 at 184 and even UPD showed signs of life. I've been in UPD for weeks at an average price in the mid 130s. In most cases I would have cut and run but the stock is in such a good long term trend that I felt it would be a shallow correction. It has been a shallow correction but a long slow one. However today might be the turning point as it resoundingly held 120 support. There have been a couple of false starts to the resumption of trend but that's not unusual. Here's the daily chart.
Comments
Post a Comment