Tarnished
12.05 pm It's a solid start to the week with a 0.4% rise in the ASX 200 though my book is under pressure thanks to gold stocks getting sold back down on a failure of the underlying to kick on. I still quite like the charts so will hold on for a while more.
I sold the last of the OSH at 798 and PTM has pushed up to 836 having touched 845 earlier.
The small resources sector is unloved and I have a couple of stale longs that aren't helping though I'm taking a few losses here and there, especially when there is a minor move higher. The IT and small finance sector is going ok and I'm trying to pivot to that sector.
I have a new long in Star Group but it could just be intraday. I don't mind the chart but it doesn't seem to be potentially explosive.
1.34 pm Wattle Health is pausing for breath today, down 2 at 220 after an early continuation of Friday's surge that took it as high as 239. BUB is shaping up well finally, up 3.5 to 79 with a clear break of 80 likely to drive it towards 100. I've been long this for a week or so at an average entry price of 76.5.
2.32 pm The last 4 or 5 months has been the first time I've systematically traded small caps and it's been rewarding but since early January the music has stopped. It occurs to me that these smaller companies appeal to the fantasy of blue sky rewards while the larger caps are grounded in reality. Given that we're fast approaching the reality of earnings season, it makes sense that the action has moved to the bigger companies. As if to add an exclamation mark to that thought, BUB has failed to hold on near the highs and has slipped back to 76.5.
4.29 pm Well, swings and roundabouts, a good day on Friday but the reverse in the golds has caused much of that gain to evaporate. The market did well overall though it sold off late to finish up 25, 15 off the intraday high.
I bought some Beach Petroleum at 135 on the close. They picked up 50% of the Waitsia gas field as part of the Lattice acquisition and with the new takeover bid for AWE who own the other 50%, the deal is looking better and better. It's sneaking higher in a kind of bullish correction after bouncing back last Wednesday so I'm hoping for acceleration.
I sold the last of the OSH at 798 and PTM has pushed up to 836 having touched 845 earlier.
The small resources sector is unloved and I have a couple of stale longs that aren't helping though I'm taking a few losses here and there, especially when there is a minor move higher. The IT and small finance sector is going ok and I'm trying to pivot to that sector.
I have a new long in Star Group but it could just be intraday. I don't mind the chart but it doesn't seem to be potentially explosive.
1.34 pm Wattle Health is pausing for breath today, down 2 at 220 after an early continuation of Friday's surge that took it as high as 239. BUB is shaping up well finally, up 3.5 to 79 with a clear break of 80 likely to drive it towards 100. I've been long this for a week or so at an average entry price of 76.5.
2.32 pm The last 4 or 5 months has been the first time I've systematically traded small caps and it's been rewarding but since early January the music has stopped. It occurs to me that these smaller companies appeal to the fantasy of blue sky rewards while the larger caps are grounded in reality. Given that we're fast approaching the reality of earnings season, it makes sense that the action has moved to the bigger companies. As if to add an exclamation mark to that thought, BUB has failed to hold on near the highs and has slipped back to 76.5.
4.29 pm Well, swings and roundabouts, a good day on Friday but the reverse in the golds has caused much of that gain to evaporate. The market did well overall though it sold off late to finish up 25, 15 off the intraday high.
I bought some Beach Petroleum at 135 on the close. They picked up 50% of the Waitsia gas field as part of the Lattice acquisition and with the new takeover bid for AWE who own the other 50%, the deal is looking better and better. It's sneaking higher in a kind of bullish correction after bouncing back last Wednesday so I'm hoping for acceleration.
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