Shifting themes
11.43 am The market is 15 points higher but it seems like more because it's the resources that are moving most. Despite that my best large cap movers have been A2M which is up another 35 cents and PTM which is up 9 but starting to confirm the recovery.
I've bought some Pilbara here at 96 as the lithium stocks are running again and PLS is lagging slightly.
The small caps are moving quite wildly with rapidly shifting themes. Fortunately I sold most of the pharmaceutical longs early as they peaked and sold off. So I got out of half the MMJ at 56, half the MXC at 9.9 and all of the SCU at 8.1 and 9.9 after paying 7 on the close. The only miss was in BDA where I still have the balance and the stock is back down to 23.
I've bought new longs in boom explorers Draig and St George. Draig is in the gold sector and I'm long at 21 with the stock having firmed to 23. It almost doubled last week on exploration news and consolidated yesterday. Long on the break of yesterday's high.
12.14 pm I'm trying to focus on the movers so got out of longs in NUF and TCL for minor gains while adding to an exploratory OSH position at 724. Oil Search was sold down following the Woodside exit by Shell so fell through no fault of its own and was probably due a correction. There's a double bottom and a turn today so it's a tentative long that's beginning to shape up.
I also added to PTM at 759. It's creeping away from the turning point and could have a strong up day soon.
1.28 pm In the diversified mining sector, Metals X is an underperformer today. I think there's just a large seller around and I've bought some at 106, slightly higher than the current price of 105. Like many of the resource stocks, it's rolling back up after a correction but hasn't popped with the rest of them which seems like an opportunity.
3.14 pm It's one of those days where the large caps are rallying cleanly but the small caps are chopping around. So I have nothing much to show for the day in the small caps, a small net gain at this point, but the large caps have performed well.
For example, I bought some IGO at 437 earlier and that has pushed on to 446 and is looking pretty good for a test of the recent high.
4.46 The ASX 200 closed 0.4% higher and within 14 points of 6000. I stayed long A2M, IGO, OSH and PTM though I sold half of the A2 today.
I was scanning after market and noticed that a couple of medical cannabis stocks that I don't watch had a great day so I've updated my watchlist just in case.
I bought another tiddler for the small cap book towards the close, Buru Energy, one I've followed for years. It has great assets and the strengthening oil and gas markets are providing a nice tail wind.
I've bought some Pilbara here at 96 as the lithium stocks are running again and PLS is lagging slightly.
I've bought new longs in boom explorers Draig and St George. Draig is in the gold sector and I'm long at 21 with the stock having firmed to 23. It almost doubled last week on exploration news and consolidated yesterday. Long on the break of yesterday's high.
12.14 pm I'm trying to focus on the movers so got out of longs in NUF and TCL for minor gains while adding to an exploratory OSH position at 724. Oil Search was sold down following the Woodside exit by Shell so fell through no fault of its own and was probably due a correction. There's a double bottom and a turn today so it's a tentative long that's beginning to shape up.
1.28 pm In the diversified mining sector, Metals X is an underperformer today. I think there's just a large seller around and I've bought some at 106, slightly higher than the current price of 105. Like many of the resource stocks, it's rolling back up after a correction but hasn't popped with the rest of them which seems like an opportunity.
3.14 pm It's one of those days where the large caps are rallying cleanly but the small caps are chopping around. So I have nothing much to show for the day in the small caps, a small net gain at this point, but the large caps have performed well.
For example, I bought some IGO at 437 earlier and that has pushed on to 446 and is looking pretty good for a test of the recent high.
4.46 The ASX 200 closed 0.4% higher and within 14 points of 6000. I stayed long A2M, IGO, OSH and PTM though I sold half of the A2 today.
I was scanning after market and noticed that a couple of medical cannabis stocks that I don't watch had a great day so I've updated my watchlist just in case.
I bought another tiddler for the small cap book towards the close, Buru Energy, one I've followed for years. It has great assets and the strengthening oil and gas markets are providing a nice tail wind.
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