Wrong rein
1.38 pm The index has pulled back to yesterday's breakout level on the 30 minute chart in a standard sort of 5 wave format. It's starting to form a base above the break so could close the 20 point gap through the rest of the afternoon.
I pulled the wrong rein buying SYR instead of GXY which I also considered. GXY is up 12 and has had a spike of up 32. SYR by contrast opened firmer but has eased back a couple of cents to 368, 369. I might hold these overnight as it seems like a minor consolidation in a strong stock. Another in the sector is Orocobre and that has performed well today too so the general strength is holding.
In the small cap universe I decided to hold NEA for a second day and while it hasn't surged, I was able to sell out half at 66.5 for a small gain relative to the purchse price of 65.5. My new positon in that sector is EML and that has slipped 3 to 206. At this point, whether to hold or exit is unclear so I may need to hold this overnight too which will mean that unless I see something spectacular, I'm unlikely to add anything new here.
Meanwhile, Beach Petroleum is down 4.5 to 86.5. I still like the chart and I've been holding this since late August so will stay in unless something dramatic happens. I would anticipate a move to 100 once the retracement has finished.
4.27 pm The market consolidated but couldn't rally so eventually slipped a few more points to close 28 lower at 5701. I'm betting that support will hold although not convinced given the lacklustre state of affairs currently.
In the small caps, I've held the balance of NEA which looks good still and EML which was knocked on the match but looks - just - holdable. I would have sold but volume was woeful today.
I did manage to sell some small caps I'd been stuck with for good prices, SXY at 33 and VTG at 169.5 so I allowed myself to add a new position because it was pretty compelling. It's flavour of the month GSW. I bought at 278 and 282 before selling a quarter of the position at the match price of 288. It's spiking and best not to be a hero so will look to sell on a strong open. Great chart but hyperbolic now so amber lights flashing.
In Syrah, it's damned if you do, damned if you don't. The retracement held fairly high in yesterday's range so it's not a cut but if it's a lower high rather than the simple resumption of trend that I was anticipating then you've got the potential for a leisurely chop back to 340 or lower. Intraday support is at 354 so that's likely to be my cut if things sour. Annoying when GXY finished well after an intraday wobble at 290, up 16.
I had another large cap long in BTT today which held well in a falling market, costing me a cent. I cut it on the match because I'm in two minds as to whether it needs more consolidation here. I replaced it with diversified miner MIN. It has lithium exposure and is powering on again. I'm a little late in the game for this leg but today was a high congestion at the top of the range so I'm looking for a spurt higher tomorrow, especially if the market rallies.
I pulled the wrong rein buying SYR instead of GXY which I also considered. GXY is up 12 and has had a spike of up 32. SYR by contrast opened firmer but has eased back a couple of cents to 368, 369. I might hold these overnight as it seems like a minor consolidation in a strong stock. Another in the sector is Orocobre and that has performed well today too so the general strength is holding.
In the small cap universe I decided to hold NEA for a second day and while it hasn't surged, I was able to sell out half at 66.5 for a small gain relative to the purchse price of 65.5. My new positon in that sector is EML and that has slipped 3 to 206. At this point, whether to hold or exit is unclear so I may need to hold this overnight too which will mean that unless I see something spectacular, I'm unlikely to add anything new here.
Meanwhile, Beach Petroleum is down 4.5 to 86.5. I still like the chart and I've been holding this since late August so will stay in unless something dramatic happens. I would anticipate a move to 100 once the retracement has finished.
4.27 pm The market consolidated but couldn't rally so eventually slipped a few more points to close 28 lower at 5701. I'm betting that support will hold although not convinced given the lacklustre state of affairs currently.
In the small caps, I've held the balance of NEA which looks good still and EML which was knocked on the match but looks - just - holdable. I would have sold but volume was woeful today.
I did manage to sell some small caps I'd been stuck with for good prices, SXY at 33 and VTG at 169.5 so I allowed myself to add a new position because it was pretty compelling. It's flavour of the month GSW. I bought at 278 and 282 before selling a quarter of the position at the match price of 288. It's spiking and best not to be a hero so will look to sell on a strong open. Great chart but hyperbolic now so amber lights flashing.
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