Resources still leading
12.14 pm Friday's theme continues with a poorly received Westpac result dragging down the financials and hence the index despite strong sectors such as oils and most of the resources sector along with funds managers, internet stocks like CAR and REA and stocks which benefit from a lower Australian dollar.
I bought Magellan on the open at 2480 based on a strong FUM figure and that has worked well with the stock climbing into the 2530s now.
I'm hoping that Platinum will follow suit. It's up 3 at 733.
I've been in OZL for about a week and it has gone again today while SFR takes a breather. I sold a small balance in SFR early at 633 and have sold half the long in OZL at 848 and 856. It's currently at 854 but looks good for a bit more to my eye.
The small caps are going pretty well. GSW is up to 265 and I had a bank error in my favour in gold minnow SEG which is up strongly. I only held 30,000 shares at 7.8 cents but still a nice gain.
It's in the Pilbara area like Artemis. I sold the balance there at 40.5 as it bounced back from the late Friday sell down on good news.
12.52 pm Oil Search announced an oil acquisition last week which was extremely well received by analysts but less so by the market. A minor pull back has enticed me to buy some. There's a solid trend channel and I think it can push towards 750 quite easily. Long in the high 720s.
I almost bought WHA on early strength this morning but hesitated at 186. It's now 214.
I'm hoping it's a harbinger for Bubs which I'm long at 84. It has just raised money for a strategically sound acquisition which may be weighing on it but if it can get through 90 then new highs around 100 could arrive in short order.
1.18 pm I sold the Vocus fairly early at 297 and 296 as the rally stalled. TPM is the strong telco today and I've bought and sold there but it's a bit late to put on a decent position. In retrospect there was a very nice signal on the daily at the close of trade on Friday. I like a stock with a succession of grinding small highs. It's as if the stock tried to correct but ended up recording small gains. Once the quasi correction is over, the stock can surge again.
2.09 pm Bubs has pushed up to the post announcement high around 91 and is doing some work here. I'd bought extra stock this morning and sold half at 90.5. Otherwise, I've bought a new name for me in the small cap sector, Sheffield Resources. It's a WA based explorer. Long at 74 with recent highs at 85 as a target.
3.57 pm I've had my Melbourne cup bet with a long in Tabcorp at 450. I seem to remember a cup rally in previous years. Anyway, it's a buy signal after support held.
4.22 pm Bubs had a very strong day touching 98 before closing at 96.5. I sold a few more at 93.5 and hoping for something above 100 for the rest. This stock was the best performer dollar wise for me in the small caps although SEG was a bigger percentage mover. I had a few losers in the small caps but the net result was very good.
The large caps also went well. I've kept some MFG along with PTM, OZL, IGO, GXY and SYR. So batteries and fund managers. CSR was my token short, I covered half at 456 and it closed down 8 at 455. I've added some ANZ to the shorts with a sell on close at 2975. It's holding weakly in a very tight range straddling 30 bucks. I'm hoping it drops lower, obviously.
I bought Magellan on the open at 2480 based on a strong FUM figure and that has worked well with the stock climbing into the 2530s now.
I've been in OZL for about a week and it has gone again today while SFR takes a breather. I sold a small balance in SFR early at 633 and have sold half the long in OZL at 848 and 856. It's currently at 854 but looks good for a bit more to my eye.
The small caps are going pretty well. GSW is up to 265 and I had a bank error in my favour in gold minnow SEG which is up strongly. I only held 30,000 shares at 7.8 cents but still a nice gain.
12.52 pm Oil Search announced an oil acquisition last week which was extremely well received by analysts but less so by the market. A minor pull back has enticed me to buy some. There's a solid trend channel and I think it can push towards 750 quite easily. Long in the high 720s.
1.18 pm I sold the Vocus fairly early at 297 and 296 as the rally stalled. TPM is the strong telco today and I've bought and sold there but it's a bit late to put on a decent position. In retrospect there was a very nice signal on the daily at the close of trade on Friday. I like a stock with a succession of grinding small highs. It's as if the stock tried to correct but ended up recording small gains. Once the quasi correction is over, the stock can surge again.
2.09 pm Bubs has pushed up to the post announcement high around 91 and is doing some work here. I'd bought extra stock this morning and sold half at 90.5. Otherwise, I've bought a new name for me in the small cap sector, Sheffield Resources. It's a WA based explorer. Long at 74 with recent highs at 85 as a target.
3.57 pm I've had my Melbourne cup bet with a long in Tabcorp at 450. I seem to remember a cup rally in previous years. Anyway, it's a buy signal after support held.
4.22 pm Bubs had a very strong day touching 98 before closing at 96.5. I sold a few more at 93.5 and hoping for something above 100 for the rest. This stock was the best performer dollar wise for me in the small caps although SEG was a bigger percentage mover. I had a few losers in the small caps but the net result was very good.
The large caps also went well. I've kept some MFG along with PTM, OZL, IGO, GXY and SYR. So batteries and fund managers. CSR was my token short, I covered half at 456 and it closed down 8 at 455. I've added some ANZ to the shorts with a sell on close at 2975. It's holding weakly in a very tight range straddling 30 bucks. I'm hoping it drops lower, obviously.
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