A lap behind
11.43 am A half percent fall in the top 200 index taking it to a running loss for the month compared to gains of 7% or more in the US and China. The reporting season approaches and confessions have been light so it should be at least reasonable. The major headwind for the month has been the unexpected fall in the US dollar. Either way, I'm struggling to quite understand why we are as weak as this and this failure has cost me over the last two days as I've held some positions that could have been cut.
The gold sector is under pressure again and despite some small wins in FMG and SFR, it's a poor day for me in the large caps, matched by the small caps where CLQ has dropped over 6%.
12.40 pm Zinc is rallying very strongly indeed and it's a sign of the small resources negativity that New Century Zinc has gone nowhere. This is the old Zinifex/Pasminco mine with a huge amount of sunk cost meaning that there is a large amount of pre-existing infrastructure and the restart of the mine can be achieved for $50 million. The management is capable too. I guess the fact that the stock has gone sideways rather than down is showing relative strength. Anyway, I'm holding on here with a clear break of 140 being the requirement for a good rally.
3.32 pm The index had another leg down falling close to 1% a short while ago, it's a little higher now at 6024 but 52 points off nevertheless. I would have thought that the 6000 level would be seen as value by some especially in the face of underperformance here with the caveat that Asian markets are weak today, fuelling the selling.
4.22 pm It's reverted to the sort of choppy market where if you get a good move you should take it. This month has now ticked into the negative for me and yet there have been plenty of medium profits and minor losses I haven't taken that have subsequently worsened because of misreading the tone.
My aim is now to keep things tight since there's no real direction with the uptrend having rolled over.
I sold yesterday's BPT for a tick my way and replaced it with some EVN on the match at 277. The stock is trending well and held the break level of 270 this morning after reporting a reasonable quarterly.
The gold sector is under pressure again and despite some small wins in FMG and SFR, it's a poor day for me in the large caps, matched by the small caps where CLQ has dropped over 6%.
12.40 pm Zinc is rallying very strongly indeed and it's a sign of the small resources negativity that New Century Zinc has gone nowhere. This is the old Zinifex/Pasminco mine with a huge amount of sunk cost meaning that there is a large amount of pre-existing infrastructure and the restart of the mine can be achieved for $50 million. The management is capable too. I guess the fact that the stock has gone sideways rather than down is showing relative strength. Anyway, I'm holding on here with a clear break of 140 being the requirement for a good rally.
3.32 pm The index had another leg down falling close to 1% a short while ago, it's a little higher now at 6024 but 52 points off nevertheless. I would have thought that the 6000 level would be seen as value by some especially in the face of underperformance here with the caveat that Asian markets are weak today, fuelling the selling.
4.22 pm It's reverted to the sort of choppy market where if you get a good move you should take it. This month has now ticked into the negative for me and yet there have been plenty of medium profits and minor losses I haven't taken that have subsequently worsened because of misreading the tone.
My aim is now to keep things tight since there's no real direction with the uptrend having rolled over.
I sold yesterday's BPT for a tick my way and replaced it with some EVN on the match at 277. The stock is trending well and held the break level of 270 this morning after reporting a reasonable quarterly.
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