Holding up quite well
11.59 am Mild weakness in the US and serious falls in copper and nickel put the ASX 200 under pressure from the opening bell with a fall of about 0.6% but much of that has been recovered as the index loss has been cut to 0.2%. So it's a similar story to yesterday and is relatively pleasing as I expected worse from this correction. We may be due a capitulation but I'm generally thinking that there is underlying strength.
It hasn't been a great morning for me with the large caps only marginally lower but the small caps marked down across the board. These stocks are more volatile and I keep my position sizes small but I have a dozen positions and 10 of them are lower so it adds up. Nothing is too significant though.
The retailers have paused after yesterday's surge with HVN a few cents lower and JBH a touch higher. I've bought sector laggard Myer with some trepidation and I'm hoping for a squeeze higher. It's quite bullish on the daily chart but is also right at resistance so this is one to watch closely.
1.23 pm The market is still holding up well helped by the big 4 banks which are about half a percent higher on average. I'm not having much joy and pretty much ready to close everything down for my week away. The retailers aren't having a follow through day although I did exit the JBH for a few cents above yesterday's close at 2377 as it made a lower intraday high and fell away again. MYR isn't so good as I'm long at 80 and it's back at 78, 78.5.
3.33 pm The capitulation came eventually and the market is back near the lows. I'm winding up for my holiday and getting out of pretty much everything. At least in the large caps, it's a bit trickier in the smalls.
The uranium stocks have generally come back today though ERA is higher. Large production cuts were the trigger it seems.
The index seems to have made quite a significant downwards break and although I probably should be shorting, I tend to be much stronger on the long side these days and it's a bit of a mug's game to keep going home long when the market is under pressure. Obviously one or two things will go up regardless but the degree of difficulty is high.
4.25 pm The market fell 26 points, not a big down day, but it seems significant judging by the break of 5950 and sell signal from a lower high.
Bigger picture, I think it's a standard 3 wave correction so we could be due a Santa rally after a week or two more of corrective action.
I'm out of all large caps and still have a few small caps. I'm hoping to get out of most positions by Friday.
It hasn't been a great morning for me with the large caps only marginally lower but the small caps marked down across the board. These stocks are more volatile and I keep my position sizes small but I have a dozen positions and 10 of them are lower so it adds up. Nothing is too significant though.
The retailers have paused after yesterday's surge with HVN a few cents lower and JBH a touch higher. I've bought sector laggard Myer with some trepidation and I'm hoping for a squeeze higher. It's quite bullish on the daily chart but is also right at resistance so this is one to watch closely.
1.23 pm The market is still holding up well helped by the big 4 banks which are about half a percent higher on average. I'm not having much joy and pretty much ready to close everything down for my week away. The retailers aren't having a follow through day although I did exit the JBH for a few cents above yesterday's close at 2377 as it made a lower intraday high and fell away again. MYR isn't so good as I'm long at 80 and it's back at 78, 78.5.
3.33 pm The capitulation came eventually and the market is back near the lows. I'm winding up for my holiday and getting out of pretty much everything. At least in the large caps, it's a bit trickier in the smalls.
The uranium stocks have generally come back today though ERA is higher. Large production cuts were the trigger it seems.
The index seems to have made quite a significant downwards break and although I probably should be shorting, I tend to be much stronger on the long side these days and it's a bit of a mug's game to keep going home long when the market is under pressure. Obviously one or two things will go up regardless but the degree of difficulty is high.
4.25 pm The market fell 26 points, not a big down day, but it seems significant judging by the break of 5950 and sell signal from a lower high.
I'm out of all large caps and still have a few small caps. I'm hoping to get out of most positions by Friday.
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