First thought the best
12.07 pm I was in two minds yesterday, accepting the ongoing correction with something around 6000 on the ASX 200 the obvious target and noting the divergence with global markets. The trend - as is usually the case - has won out after a flat result overnight but selling in metals and resource stocks. I've been thinking that the rally in that sector was looking mature and that has helped to drive the ASX 200 to 6018, a drop of 31 points, with an intraday low of 6013.
Not a bad day though with A2M up again along with PTM while RSG is steady. I sold the DOW balance early and the only problem position is MND which is 2.5% lower but not obviously a sell.
The small cap book is worse with CLQ down 7 to 158 and that's my largest position. I still like it but it can't quite break away to the upside.
2.23 pm A couple of hours of consolidation for the market without any real recovery. I'd say that we'll see a test of 6000 but that could be in the morning. Not bad for the large caps though with MND regaining the 1800 level.
Otherwise I've added another gold long in Newcrest. It's consolidating near the top of the range after breaking out on Monday. I've bought a half portion and I'll see what happens before deciding to buy more.
4.20 pm The rally couldn't catch and the market closed close to the day's low. The test of 6000 and first attempt at a bounce could be tomorrow.
Quite a reasonable day for a long only book in a falling market as gains in large caps offset losses in smaller stocks.
Not a bad day though with A2M up again along with PTM while RSG is steady. I sold the DOW balance early and the only problem position is MND which is 2.5% lower but not obviously a sell.
The small cap book is worse with CLQ down 7 to 158 and that's my largest position. I still like it but it can't quite break away to the upside.
2.23 pm A couple of hours of consolidation for the market without any real recovery. I'd say that we'll see a test of 6000 but that could be in the morning. Not bad for the large caps though with MND regaining the 1800 level.
Otherwise I've added another gold long in Newcrest. It's consolidating near the top of the range after breaking out on Monday. I've bought a half portion and I'll see what happens before deciding to buy more.
4.20 pm The rally couldn't catch and the market closed close to the day's low. The test of 6000 and first attempt at a bounce could be tomorrow.
Quite a reasonable day for a long only book in a falling market as gains in large caps offset losses in smaller stocks.
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