Glitch
11.39 am A glitch in the US tax bill process caused a speed wobble for US indices and sent us lower at the open but the underlying trend is strong and the ASX 200 is creeping back to square, presently down 6.
I bought some SGR yesterday at 604.5 average as it pushed through the top of the range. The stock slipped on the close and I was wondering whether it was a false break but there's some support today and I'm comforted by that. I'm looking for a grind higher over a couple of days with 620 seeming like a plausible short term target.
Downer is looking pretty good. There's been a long consolidation which has nevertheless been quite bullish because the swing lows have tended to be mildly higher. There's a small break here and a move to resistance around 720 looks likely. Long at 698.
The small caps haven't joined the party and DCC has fallen back to earth, down 5 to 34.5, but I did sell a few more at 42 on the open.
12.23 pm Just bought a few DCC at 33 on the back foot, I suspect 30 would hold a pullback.
Meanwhile NCZ has come all the way back to the low 120s after making a triple top around 160. However, it's also at pretty strong support and I think the action, in common with a lot of stocks in the small resource sector, is representative of books being wound down for the holiday season. I don't think it would take much for the stock to rebound to the highs and I bought a couple more at 122 to go with some I had left over at about 140.
4.28 pm The index closed at 6076, up 4.
I quite like the larger mining services/engineering companies. Along with DOW, I've bought some Monadelphous. A break of 1800 would see some acceleration, I think, after a recent low that held support and the hint of a daily buy signal today.
I bought some SGR yesterday at 604.5 average as it pushed through the top of the range. The stock slipped on the close and I was wondering whether it was a false break but there's some support today and I'm comforted by that. I'm looking for a grind higher over a couple of days with 620 seeming like a plausible short term target.
12.23 pm Just bought a few DCC at 33 on the back foot, I suspect 30 would hold a pullback.
Meanwhile NCZ has come all the way back to the low 120s after making a triple top around 160. However, it's also at pretty strong support and I think the action, in common with a lot of stocks in the small resource sector, is representative of books being wound down for the holiday season. I don't think it would take much for the stock to rebound to the highs and I bought a couple more at 122 to go with some I had left over at about 140.
4.28 pm The index closed at 6076, up 4.
I quite like the larger mining services/engineering companies. Along with DOW, I've bought some Monadelphous. A break of 1800 would see some acceleration, I think, after a recent low that held support and the hint of a daily buy signal today.
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