Xero sum game
11.46 am Another quietly firm day with a steadying in base metals and another advance in oil giving the ASX 200 a stronger tone despite minor falls on Wall Street.
I've been tracking Xero for a couple of days and almost pulled the trigger yesterday. I've bought now at 3069, roughly the current price, as I think it's rolling back up and it received a solid upgrade this morning. It's one for the small cap book as the liquidity is low but the chart is solid and I'm happy to hold with the thought of a quick run through 3200.
The small caps are mildly higher today though LNG has eased after a good opening. The large caps have done well with Orocobre a good performer. I was long on Friday, sold half on the open yesterday at 491 only for the stock to slump. I bought more at around 470 and the stock closed at 462. It had received positive feedback and an upgrade or two after a reasonable quarterly so it was an odd performance. The stock has turned around again and is the leading performer at this point in the day. I like the fact that the rally is testing 480, a break of that short term resistance could see the stock go to 520 quite quickly.
12.42 pm I've been waiting for Platinum to roll back up and held through a small correction. It has rolled up today and looks pretty good. When the correction is as shallow as this it highlights the strength of a stock.
3.44 pm The market has sold off through the afternoon and is now 9 points lower on the day to 5891. It's taken the edge off the gains in my predominantly long book although a short in LLC has done well.
Lithium hopeful Argosy is shaping up after a 3 wave correction and I've bought some at 24. A buy signal would be confirmed with a trade above 25.5.
4.42 pm The market closed down 12 points confirming again that 5900 is resistance.
My day was pretty good and I added a new short in Sims Metal, another iron ore exposed stock which is falling after an overlapping correction.
I've been tracking Xero for a couple of days and almost pulled the trigger yesterday. I've bought now at 3069, roughly the current price, as I think it's rolling back up and it received a solid upgrade this morning. It's one for the small cap book as the liquidity is low but the chart is solid and I'm happy to hold with the thought of a quick run through 3200.
12.42 pm I've been waiting for Platinum to roll back up and held through a small correction. It has rolled up today and looks pretty good. When the correction is as shallow as this it highlights the strength of a stock.
3.44 pm The market has sold off through the afternoon and is now 9 points lower on the day to 5891. It's taken the edge off the gains in my predominantly long book although a short in LLC has done well.
Lithium hopeful Argosy is shaping up after a 3 wave correction and I've bought some at 24. A buy signal would be confirmed with a trade above 25.5.
4.42 pm The market closed down 12 points confirming again that 5900 is resistance.
My day was pretty good and I added a new short in Sims Metal, another iron ore exposed stock which is falling after an overlapping correction.
Comments
Post a Comment