Ambush
11.51 am Well, it really is the market to have no overnight positions, at least for short term trading. Amaysim came through with an update, a few weeks ahead of their scheduled result, and although it read very well and initially I expected an opening surge in the stock, the reverse has happened and disappointed longs have dumped it. Down 36 cents or 16% to 187. A small position but not a lot of fun. I'm holding for now because I don't understand the reaction.
The market itself is 6 points lower after dropping as much as 39 points early on. While the dust has still to settle, I'm hoping it's a higher low compared to Tuesday and we can see an afternoon rally. My overnight long in BHP disappointed as resource stocks sold off on US dollar strength.
So far then, a pretty poor start.
1.26 pm No recovery in AYS so I've bit the bullet and cut at 183. Ouch.
Otherwise there's nothing to see here in terms of the market. Down 9 points having tracked sideways for the last couple of hours.
2.24 pm The index is down 4 but it's pretty weak given the earlier falls and although I can see the possibility of a minor up day tomorrow I suspect the low is not in yet and time is running out for a correction. Hence, I'm looking to be out of everything on the close and just play it by ear till a see more of an opportunity.
4.04 pm I'm tempted by a couple of longs and think there's a good chance of another retracement day but will simply cut any remaining intraday longs and wait to trade intraday.
At the moment, the index is up 14 points, rallying from a higher low and with a gap to fill of up to 100 points....which does seem a bit unlikely given the lacklustre bounce to this point.
The market itself is 6 points lower after dropping as much as 39 points early on. While the dust has still to settle, I'm hoping it's a higher low compared to Tuesday and we can see an afternoon rally. My overnight long in BHP disappointed as resource stocks sold off on US dollar strength.
So far then, a pretty poor start.
1.26 pm No recovery in AYS so I've bit the bullet and cut at 183. Ouch.
Otherwise there's nothing to see here in terms of the market. Down 9 points having tracked sideways for the last couple of hours.
2.24 pm The index is down 4 but it's pretty weak given the earlier falls and although I can see the possibility of a minor up day tomorrow I suspect the low is not in yet and time is running out for a correction. Hence, I'm looking to be out of everything on the close and just play it by ear till a see more of an opportunity.
4.04 pm I'm tempted by a couple of longs and think there's a good chance of another retracement day but will simply cut any remaining intraday longs and wait to trade intraday.
At the moment, the index is up 14 points, rallying from a higher low and with a gap to fill of up to 100 points....which does seem a bit unlikely given the lacklustre bounce to this point.
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