Damp Squib
11.34 am The ASX 200 is up 10 points in a cautious bounce after two days of heavy selling and fears about our yield driven market being vulnerable to the change in tone in bonds. Just when I thought I'd have a good day in IPL, especially with US giants Mosaic and Potash performing strongly, they announced a contract loss in West Australia and the stock has been sold down 15 cents. It's more a case of supply although there's a service element to the contract so I think it'll be fine as far as profit is concerned because you can usually sell your inventory to another customer, but my hopes of an intraday reversal on that sentiment have not unfolded and I guess I'll be selling out over the course of the day, waiting for another opportunity.
DOW is doing pretty well and MND is ok too while A2M has had a weak rally which might have another leg later.
My small cap positions have been struggling lately though NCZ is interesting again. A lot of stock has been traded around 133-134 over the last couple of days and if the buyer gets the upper hand, it could spurt. Currently up 4 at 136.
1.40 pm I'm hoping to trade on weekly signals a little more as I get closer to buying a hospitality business and having trading as a second job. I've been doing it for a while in my super fund and going quite well. With that in mind I'm reasonably happy with my long in DOW, happy with MND, keen to get out of A2M and running a position in PTM which is more a daily trade where my target is above 840. I think the break above 800 is consolidating nicely and a resumption of the rally will test the high.
Meanwhile, my small cap book is a bit of a mess with a bunch of short term trades that don't really fit this model while CLQ which seemed to have made a very good, very clean break earlier in the week has faded since then providing a warning to wait till late in the week to initiate these kinds of trades.
4.31 pm I lost a small amount of money every day this week with a couple of lazy cuts and some simple bad luck costing me. It didn't add up to much but some of it was unnecessary.
In the small cap book, NCZ was the standout as the buyer gained the upper hand and the stock finished at 141.
Otherwise, I added a few longer term trades there with graphite hopeful Talga one of the positions. Arguably, the signal was last week but I like the weekly structure of a higher low after a long choppy correction and I think there's good enough upside.
DOW is doing pretty well and MND is ok too while A2M has had a weak rally which might have another leg later.
My small cap positions have been struggling lately though NCZ is interesting again. A lot of stock has been traded around 133-134 over the last couple of days and if the buyer gets the upper hand, it could spurt. Currently up 4 at 136.
1.40 pm I'm hoping to trade on weekly signals a little more as I get closer to buying a hospitality business and having trading as a second job. I've been doing it for a while in my super fund and going quite well. With that in mind I'm reasonably happy with my long in DOW, happy with MND, keen to get out of A2M and running a position in PTM which is more a daily trade where my target is above 840. I think the break above 800 is consolidating nicely and a resumption of the rally will test the high.
4.31 pm I lost a small amount of money every day this week with a couple of lazy cuts and some simple bad luck costing me. It didn't add up to much but some of it was unnecessary.
In the small cap book, NCZ was the standout as the buyer gained the upper hand and the stock finished at 141.
Otherwise, I added a few longer term trades there with graphite hopeful Talga one of the positions. Arguably, the signal was last week but I like the weekly structure of a higher low after a long choppy correction and I think there's good enough upside.
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