Nervous 90s
12.17 pm Macquarie reported a very strong half year result and opened up close to 4 dollars, trading as high as 9828. I left a buy order in at 9716 expecting a sell off before further buying later. I got set after about half an hour but the stock has done nothing since, mimicking the rest of the market which looked set fair for a strong day but has been met with a large dose of ennui. I guess it's Friday and the market is feeling some vertigo.
I've bought some Tabcorp on a breakout of resistance at 440 following a good first quarter update. It's up a couple of cents from my entry level of 442.
2.42 The High Court has ruled Barnaby Joyce ineligible so a by-election is due. The government majority now depends on him being re-elected. The market panicked on the news and fell close to 50 points in the blink of an eye. The loss is now 24 points and I'm sitting pat for now.
The small caps have gone ok today although there have been no major winners. I sold half of yesterday's PPS for 62 while NCZ is back to 150 and it's looking as if the short retracement is over.
3.52 pm I think it's a storm in a teacup but the index itself has made an outside reversal day so I'm selling bits and pieces and looking at the odd short like AMP. This stock is pretty weak and has sold off today on a badly received FUM figure. I quite like the entry after a retracement that's completed.
On the long side, I have a small position in Orocobre which has popped up today after testing support yesterday.
4.36 pm The market recovered substantially and the reversal day I was concerned about didn't eventuate. It was a flat day for me with large caps hit by the moves in the index but the small caps tending to run their own race and do moderately well.
I did add a small short in AMP and cut half the MQG long at 9791, the closing price.
I've bought some Tabcorp on a breakout of resistance at 440 following a good first quarter update. It's up a couple of cents from my entry level of 442.
2.42 The High Court has ruled Barnaby Joyce ineligible so a by-election is due. The government majority now depends on him being re-elected. The market panicked on the news and fell close to 50 points in the blink of an eye. The loss is now 24 points and I'm sitting pat for now.
The small caps have gone ok today although there have been no major winners. I sold half of yesterday's PPS for 62 while NCZ is back to 150 and it's looking as if the short retracement is over.
3.52 pm I think it's a storm in a teacup but the index itself has made an outside reversal day so I'm selling bits and pieces and looking at the odd short like AMP. This stock is pretty weak and has sold off today on a badly received FUM figure. I quite like the entry after a retracement that's completed.
4.36 pm The market recovered substantially and the reversal day I was concerned about didn't eventuate. It was a flat day for me with large caps hit by the moves in the index but the small caps tending to run their own race and do moderately well.
I did add a small short in AMP and cut half the MQG long at 9791, the closing price.
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