Shanghai Sling
12.28 pm The Shanghai market was hit hard yesterday, mostly after our close so we sold off early. The ASX 200 was 35 points down at the intraday low but has edged back, trimming the losses to 16 points and with Chinese markets re-opening only slightly down, the recovery could continue.
My large caps are mildly stronger with MLX back above my entry and I've added to that position at 106. I think the retracement is now complete so a move back to 120 could be on the cards.
The rest aren't doing much but are generally a little higher.
Northern Cobalt has been a good winner for me despite a modest position size. It recommenced trading after announcing an exploration success. There was a 40% pop from 50 to 70 and I sold there. I've since bought and sold a little and it's trading around there now.
I sold half the MP1 at 272 and added some MMJ at 49.5 as it's holding a steep little uptrend channel.
1.28 pm Alkane is starting to gather momentum after building a base, long at 37.5.
2.32 pm Draig Resources is pushing higher and rather than sell too early like I did in SGQ yesterday, I've bought a couple more at 26 and I'm hoping for a strong finish today.
MLX has faded after early strength so I'm assuming that seller is still around. Hopefully they'll finish the selling this afternoon. Otherwise I've sold half the S32 at 341 and some of the BPT at 110.
4.26 pm The market almost got back to square, finishing down a few points. The large caps did very little, MLX was pushed lower towards the close confirming my theory in my own mind.
DRG got as high as 29 though it finished at 27.5 where I sold the balance of my original purchase.
I added to EUC. It seems to have formed a pennant so might run up to 30 next week.
My large caps are mildly stronger with MLX back above my entry and I've added to that position at 106. I think the retracement is now complete so a move back to 120 could be on the cards.
Northern Cobalt has been a good winner for me despite a modest position size. It recommenced trading after announcing an exploration success. There was a 40% pop from 50 to 70 and I sold there. I've since bought and sold a little and it's trading around there now.
1.28 pm Alkane is starting to gather momentum after building a base, long at 37.5.
2.32 pm Draig Resources is pushing higher and rather than sell too early like I did in SGQ yesterday, I've bought a couple more at 26 and I'm hoping for a strong finish today.
4.26 pm The market almost got back to square, finishing down a few points. The large caps did very little, MLX was pushed lower towards the close confirming my theory in my own mind.
DRG got as high as 29 though it finished at 27.5 where I sold the balance of my original purchase.
I added to EUC. It seems to have formed a pennant so might run up to 30 next week.
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