Poor old financials
11.44 am The financials are slightly higher but once again are not participating in the rally.
OZL has rallied as I'd hoped and I've sold a few at 842, currently up 18 at 838. However, copper sector rival Sandfire has shot the lights out with a gain of 7% on an upgrade. ORE came off on the open and I bought back in at 530.
I've bought two golds today, one large and one small cap. The relatively large cap is Evolution which I'm long at 239. It has been building a base for ages and has pushed through short term resistance around 237.
The small cap gold is Artemis which is in the hot and hyped Pilbara region and is involved with Canadian gold phenomenom Novo Resources. Long on the open at 36.5 as it continues after a pennant.
1.47 pm Out of the ORE at 558 as it got a wriggle on after the early sell down. I've been in PTM for about a week and it's gone nowhere - a long term hold for me. However, I'm pretty optimistic especially as I've been a unit holder in their largest flagship international fund for over a decade and the recent performance is outstanding. It's up nearly 15% since June 30th and around 7% since the last update in early October. So FUM should look good regardless of outflows and at some point you'd have to expect that planners would start to notice how well they're doing. Anyway, it's a technical rather than a fundamental position where the stock is consolidating right at the top of the recent range. It's more a question of jobbing stock until the breakout day which may be later next week as the next FUM update approaches.
2.40 pm The market might be topping out, up 30 to 5962 but starting to roll over. It's Melbourne Cup day on Tuesday and a lot of Melburnians might be squaring up for a long weekend. I've sold out of the WSA at 308 and added a short in CSR. I'm hoping the stock has completed a retracement after falling post result. It was a good result but increased electricity prices are a massive headwind for their Aluminium division.
3.48 pm It can be a mug's game buying rallies in chronically underperforming stocks and I've done just that with a small trade in Vocus. My logic is that it looks like another of those upward sloping corrections in the short term with today's rally being a small 5th wave which might get to the low 300s. Long at 291.
4.42 pm The market held really well and kept 28 points of the gains. The large caps I'm in did much the same though there was some sellling in the small caps where holding times tend to be shorter.
The small gold play ARV came back to close at my entry point of 36.5 though I did sell half at 39. I also sold the AYS at 202 along with a couple of others.
I bought back into small pharmaceutical/pot stock, MXC, at 7.8. It has held near the top of the range and is pushing higher again.
OZL has rallied as I'd hoped and I've sold a few at 842, currently up 18 at 838. However, copper sector rival Sandfire has shot the lights out with a gain of 7% on an upgrade. ORE came off on the open and I bought back in at 530.
I've bought two golds today, one large and one small cap. The relatively large cap is Evolution which I'm long at 239. It has been building a base for ages and has pushed through short term resistance around 237.
1.47 pm Out of the ORE at 558 as it got a wriggle on after the early sell down. I've been in PTM for about a week and it's gone nowhere - a long term hold for me. However, I'm pretty optimistic especially as I've been a unit holder in their largest flagship international fund for over a decade and the recent performance is outstanding. It's up nearly 15% since June 30th and around 7% since the last update in early October. So FUM should look good regardless of outflows and at some point you'd have to expect that planners would start to notice how well they're doing. Anyway, it's a technical rather than a fundamental position where the stock is consolidating right at the top of the recent range. It's more a question of jobbing stock until the breakout day which may be later next week as the next FUM update approaches.
3.48 pm It can be a mug's game buying rallies in chronically underperforming stocks and I've done just that with a small trade in Vocus. My logic is that it looks like another of those upward sloping corrections in the short term with today's rally being a small 5th wave which might get to the low 300s. Long at 291.
4.42 pm The market held really well and kept 28 points of the gains. The large caps I'm in did much the same though there was some sellling in the small caps where holding times tend to be shorter.
The small gold play ARV came back to close at my entry point of 36.5 though I did sell half at 39. I also sold the AYS at 202 along with a couple of others.
I bought back into small pharmaceutical/pot stock, MXC, at 7.8. It has held near the top of the range and is pushing higher again.
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