Mixed blessing
11.27 am The ASX 200 is up 6 points this morning as confusion reigns over US developments with regard to the Russia probe and whether tax reductions in the States will benefit us or lead to capital flight back to the US.
I have a much reduced book size as I think we're in retracement mode. My main large cap position is a long in HVN which is grinding rather than surging higher.
Stocks like Orora and Incitec Pivot which have expanded into the US are charting well and I may buy something in one of these later if it's not too extended.
BPT did well on Friday and has ticked higher by another two cents this morning though I'd left sell orders for Friday which took me out of my long at 111.
The small caps are alright this morning with a punty long in AU8 doing pretty well. I'm quite keen on cryptocurrency stock DCC still. I've been long for a little while as it consolidates and have added a few more at 23.5, crossing my fingers that the minor correction is over and the next move is a test of the recent high around 28 with a move through to 30ish a possibility.
4.21 pm It continued as it started with choppy, indecisive trade the order of the day. I've been expecting some further weakness but saw more buys than sells when I scanned through.
One of those is PTM which might be expected to benefit from strength in the US market and potential strength in the US dollar in the event of repatriation of overseas profits. The chart is showing a pretty tight congestion, holding near highs without a serious pullback despite very strong gains since June. Anyway, it's a small position on a minor pop above Friday's high because there is no real signal. It's more a starting position as I think it can accelerate.
Treasury Wines is another beneficiary of lower US tax rates thanks to its extensive US interests. It's a decent resumption after a 3 wave correction and I'm long at the closing price of 1589.
The small caps did quite well today although DCC didn't accelerate as I'd hoped but it did hold ok.
I bought some CLQ on the match at 159. It's a minor congestion in a strong stock and could get to 180 this week.
I have a much reduced book size as I think we're in retracement mode. My main large cap position is a long in HVN which is grinding rather than surging higher.
BPT did well on Friday and has ticked higher by another two cents this morning though I'd left sell orders for Friday which took me out of my long at 111.
The small caps are alright this morning with a punty long in AU8 doing pretty well. I'm quite keen on cryptocurrency stock DCC still. I've been long for a little while as it consolidates and have added a few more at 23.5, crossing my fingers that the minor correction is over and the next move is a test of the recent high around 28 with a move through to 30ish a possibility.
4.21 pm It continued as it started with choppy, indecisive trade the order of the day. I've been expecting some further weakness but saw more buys than sells when I scanned through.
One of those is PTM which might be expected to benefit from strength in the US market and potential strength in the US dollar in the event of repatriation of overseas profits. The chart is showing a pretty tight congestion, holding near highs without a serious pullback despite very strong gains since June. Anyway, it's a small position on a minor pop above Friday's high because there is no real signal. It's more a starting position as I think it can accelerate.
I bought some CLQ on the match at 159. It's a minor congestion in a strong stock and could get to 180 this week.
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