Proxy Wars
12.48 pm Bond proxies have been sold heavily after US rates pushed sharply higher overnight. The market also fell over after an early peak. I was half expecting this but didn't really do much about it and A2M and DOW have cost money although I'd sold half the IPL on the match at 398. On the plus side, some PLS and PTM have reduced the deficit to a minor loss at this point as the ASX 200 sits close to the day's low at 6113, a drop of 22 points.
The small caps are pretty mixed but CLQ has disappointed, testing support at 151 and tentatively holding on with the current price 153.
I've added to an existing position in Mondelphous at 1858 this morning. I think the correction is over, it's a strong trend and the near term target is 2000. There was a break of 1800 on Monday and we've had a high consolidation which is encouraging.
3.23 pm Well, a pretty crappy day really with the index down 32 and most of my large caps underperforming. Worst is A2m which looks like a cut on a reversal which is shaping up like a key reversal week from a lower high on the weekly, admittedly with one day to go. I did sell a couple early at 764 but not enough.
Cleanteq is also showing worrying signs with a fall back below 150 but it's a hold for now as far as I'm concerned. Otherwise, I've got a bit back in the small cap book with an intraday long in Vita Group which is running on a profit upgrade.
4.24 pm Out of most of the A2M on the match at 735, kicking myself because I had strongly considered the possibility that the action in A2M was corrective after what might have have been a 5th wave high in November. Otherwise, the day was ok given a 0.6% market drop with minor losses on balance elsewhere.
The small caps are pretty mixed but CLQ has disappointed, testing support at 151 and tentatively holding on with the current price 153.
I've added to an existing position in Mondelphous at 1858 this morning. I think the correction is over, it's a strong trend and the near term target is 2000. There was a break of 1800 on Monday and we've had a high consolidation which is encouraging.
3.23 pm Well, a pretty crappy day really with the index down 32 and most of my large caps underperforming. Worst is A2m which looks like a cut on a reversal which is shaping up like a key reversal week from a lower high on the weekly, admittedly with one day to go. I did sell a couple early at 764 but not enough.
4.24 pm Out of most of the A2M on the match at 735, kicking myself because I had strongly considered the possibility that the action in A2M was corrective after what might have have been a 5th wave high in November. Otherwise, the day was ok given a 0.6% market drop with minor losses on balance elsewhere.
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