Oils in the clear
12.33 pm The market is up 18 points in a still hesitant period post the parliamentary ructions. The NASDAQ performed extremely well on Friday with FANG stocks to the fore but resources pulled back with the exception of oil.
Good performances from the oils have helped us to push higher. I've sold out the balance of the AWE at 53.5 for a small gain and bought OSH and WPL on intraday pullbacks. I haven't traded WPL for quite a while but it's a nice break on the daily chart even if the weekly is not so positive.
Best performer in the small caps is AJM which I bought on Friday as it held very well for the second day at all time highs. I sold half at 32.5 and I'm hoping for 35 for the rest.
I sold out of the balance of MQG at about 99, up a dollar or so from Friday's close and sold the TAH at 449.
2.31 pm I bought some LNG earlier at 46.5. It was a 4 dollar stock a couple of years ago and has a lot of sunk cost in it relating to LNG export terminals. I'm pretty hesitant as it has been in the doldrums for ever but the daily is ok and it's obviously a quick trade.
NWH has got me baffled. I was worrying about a double top but the stock has found solid support - on light volume - and is up 6 to 125.5. My latest theory is an upward sloping bullish correction. I've sold some at 124 but I'm hopeful for the rest now.
I quite like Worley Parsons today. It is recovering after a 3 wave sell off coinciding with a share placement and is riding the wave of oil and related services. Long at 1395 and thinking about buying more later.
4.30 pm The index continues to congest around 5900 and finished at exactly that level after a 13 point rise. My large cap oils finished well enough although slightly below my entry levels and I added a couple of shorts in LLC and WFD to go with AMP. The builders are selling off at the moment and the LLC chart was already weak having had a large recent fall and a pretty lacklustre correction.
In the small sector I sold the last AJM at 35 and was pleased to see LNG close at the highs of 51. It was a mildly positive day for this book.
Good performances from the oils have helped us to push higher. I've sold out the balance of the AWE at 53.5 for a small gain and bought OSH and WPL on intraday pullbacks. I haven't traded WPL for quite a while but it's a nice break on the daily chart even if the weekly is not so positive.
2.31 pm I bought some LNG earlier at 46.5. It was a 4 dollar stock a couple of years ago and has a lot of sunk cost in it relating to LNG export terminals. I'm pretty hesitant as it has been in the doldrums for ever but the daily is ok and it's obviously a quick trade.
NWH has got me baffled. I was worrying about a double top but the stock has found solid support - on light volume - and is up 6 to 125.5. My latest theory is an upward sloping bullish correction. I've sold some at 124 but I'm hopeful for the rest now.
4.30 pm The index continues to congest around 5900 and finished at exactly that level after a 13 point rise. My large cap oils finished well enough although slightly below my entry levels and I added a couple of shorts in LLC and WFD to go with AMP. The builders are selling off at the moment and the LLC chart was already weak having had a large recent fall and a pretty lacklustre correction.
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