Playing the slow songs
12.01 pm I wonder if the party is nearing an end as yesterday's solid action now looks like a slightly lower high presaging more of a pullback. The index is only modestly lower with a drop of 17 points but it's the first day for a while where sellers seem to be dominant across the board.
I haven't done too much except to lighten the load, selling some Boral at 728 and Beach at 94.5.
I did buy some Metals X at 98.5. This is a rare riser in the resources sector and I hope it can push through 100 in the next day or so.
1.48 pm Well the market has steadied and is only down 4 or 5 points but I've had a couple of bombs in my book, one of them being NWH which is down 5, looks friendless and runs the risk now of having made a double top. I'm a bit of a believer in this stock so need to be careful but it can be thin and the last time it looked terrible, just over a week ago, it rolled back up. It's not a big position but I'd still like to sell a couple on any rallies now.
4.25 pm In the end the market powered back and gained 11 points on the day. It's chopping in a high range but well supported so it feels as if the most likely direction is up.
It was a losing day for me despite the market, with a couple of mine getting hit. However, I'm staying long while the index is good until the individual stock pictures are clearer.
The small caps weren't too bad and I got back into PPS at 58.5. it was very well bid today and is in clear sky after a choppy high consolidation.
I haven't done too much except to lighten the load, selling some Boral at 728 and Beach at 94.5.
I did buy some Metals X at 98.5. This is a rare riser in the resources sector and I hope it can push through 100 in the next day or so.
1.48 pm Well the market has steadied and is only down 4 or 5 points but I've had a couple of bombs in my book, one of them being NWH which is down 5, looks friendless and runs the risk now of having made a double top. I'm a bit of a believer in this stock so need to be careful but it can be thin and the last time it looked terrible, just over a week ago, it rolled back up. It's not a big position but I'd still like to sell a couple on any rallies now.
4.25 pm In the end the market powered back and gained 11 points on the day. It's chopping in a high range but well supported so it feels as if the most likely direction is up.
It was a losing day for me despite the market, with a couple of mine getting hit. However, I'm staying long while the index is good until the individual stock pictures are clearer.
The small caps weren't too bad and I got back into PPS at 58.5. it was very well bid today and is in clear sky after a choppy high consolidation.
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