Reluctant
11.21 am I'm not sure what to think here, we've ignored strong US leads again and the ASX 200 is 7 points higher. I'm wondering whether we're still going to test the lows or if we've found a short term bottom.
There was an upgrade for Westpac this morning which has helped it to gain 1.4% while the rest of the majors are a bit higher. The upshot is that most other stocks are lower and my book has a 100% loss result to this point. I'm sitting with it as I think we're approaching the lows and it may be a couple of grindy days before a rally next week.
1.09 pm The day is continuing to grind against me with the small caps starting to fold. The XJO is at 6017, a rise of 1 point, and I wish it would hurry up and test the 6000 level.
1.47 pm The gold sector is under pressure today and I have a few long positions there. It feels like a day to shake out the weak longs because the underlying trend in gold is strong and the individual stocks look fine. If the cryptocurrency boom is over then there could be some safe haven buying.
4 pm I realise that I'm too close to the market for what I'm trying to do, which is to trade longer swings. While the market is grinding down it's grinding away at me and today has been a shocker with a whole bunch of positions going against me. There have been no especially bad losses but a collection that adds up to the same.
It's possible that it could be difficult to trade this time frame until I get the new business going so that I can get some distance.
Today is going to end towards the low as sellers lose patience.
4.18 pm The market closed down a point in a frustrating day for me. In the past I would have actively traded the short side but I'm trying to focus on longer weekly swings and felt that I had a few positions that could run their own race. Not to be for today at least.
I'm not sure why I'm so reluctant to short, I guess I'm aiming to be more of an investor than a trader and willing to look for lower returns on a larger pool with time to do other things.
No charts today as I'm not adding anything new.
There was an upgrade for Westpac this morning which has helped it to gain 1.4% while the rest of the majors are a bit higher. The upshot is that most other stocks are lower and my book has a 100% loss result to this point. I'm sitting with it as I think we're approaching the lows and it may be a couple of grindy days before a rally next week.
1.09 pm The day is continuing to grind against me with the small caps starting to fold. The XJO is at 6017, a rise of 1 point, and I wish it would hurry up and test the 6000 level.
1.47 pm The gold sector is under pressure today and I have a few long positions there. It feels like a day to shake out the weak longs because the underlying trend in gold is strong and the individual stocks look fine. If the cryptocurrency boom is over then there could be some safe haven buying.
4 pm I realise that I'm too close to the market for what I'm trying to do, which is to trade longer swings. While the market is grinding down it's grinding away at me and today has been a shocker with a whole bunch of positions going against me. There have been no especially bad losses but a collection that adds up to the same.
It's possible that it could be difficult to trade this time frame until I get the new business going so that I can get some distance.
Today is going to end towards the low as sellers lose patience.
4.18 pm The market closed down a point in a frustrating day for me. In the past I would have actively traded the short side but I'm trying to focus on longer weekly swings and felt that I had a few positions that could run their own race. Not to be for today at least.
I'm not sure why I'm so reluctant to short, I guess I'm aiming to be more of an investor than a trader and willing to look for lower returns on a larger pool with time to do other things.
No charts today as I'm not adding anything new.
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