Qantas upgraded
12.06 pm I was thinking about my QAN long last night and felt I probably went too early but an upgrade by Goldman Sachs has pushed the stock through short term resistance just above 600 and it's now trading at 611.
A2M was my other overnight long and I sold too early, missing some of the move to 666. However, I cut my hedging short in BSL pretty early at 1105 and it's 1130 now so swings and roundabouts.
GSW died on its run and I got out of the last at 298. Otherwise the small cap book is moderately profitable again at this point in the day. One of the positions that was a lazy long was in Bellamy's. I bought at 798 about 2 weeks ago on the basis of a weekly break. The stock dropped down to make a higher low but is now having a second run at 800, currently a cent above at 801. This is a nice chart now and I'll add some on the close if it can hold the gains. It's a fast mover and the 900 high would not be a stretch.
The broad market has struggled again but has at least held support and edged 10 points higher. Banks aren't helping but resources are firm.
2.23 pm Trading is subdued with the market up 7.
I'm thinking of holding QAN overnight and I'm looking for a second long position. At the moment, GEM is shaping up well. The stock ran on a well received acquisition in mid September and the congestion has been mild with a bullish tone. In fact, even though there have been a few minor down days, each day has seen a higher close than open. I'm long a handful at 423.
3.47 pm Cleanteq is another of the positions I've been holding in the small cap book, initially bought at 105. I've added more at 113.5 which was an intraday high but the stock is holding pretty well at 112 and looks good for tomorrow. My first target is 120.
4.19 pm It was a pretty good day for me despite the market finishing unchanged, down 3 tenths of a point to be precise. So we're hanging on at support and vulnerable to a sell off. Despite that I've gone home with two large cap longs in GEM and QAN. GEM finished at 426 and my average entry price was 424.5. In the small cap book, I also added a little BAL on the close at 803.
GSW died on its run and I got out of the last at 298. Otherwise the small cap book is moderately profitable again at this point in the day. One of the positions that was a lazy long was in Bellamy's. I bought at 798 about 2 weeks ago on the basis of a weekly break. The stock dropped down to make a higher low but is now having a second run at 800, currently a cent above at 801. This is a nice chart now and I'll add some on the close if it can hold the gains. It's a fast mover and the 900 high would not be a stretch.
2.23 pm Trading is subdued with the market up 7.
I'm thinking of holding QAN overnight and I'm looking for a second long position. At the moment, GEM is shaping up well. The stock ran on a well received acquisition in mid September and the congestion has been mild with a bullish tone. In fact, even though there have been a few minor down days, each day has seen a higher close than open. I'm long a handful at 423.
3.47 pm Cleanteq is another of the positions I've been holding in the small cap book, initially bought at 105. I've added more at 113.5 which was an intraday high but the stock is holding pretty well at 112 and looks good for tomorrow. My first target is 120.
4.19 pm It was a pretty good day for me despite the market finishing unchanged, down 3 tenths of a point to be precise. So we're hanging on at support and vulnerable to a sell off. Despite that I've gone home with two large cap longs in GEM and QAN. GEM finished at 426 and my average entry price was 424.5. In the small cap book, I also added a little BAL on the close at 803.
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