Difference of opinion
11.34 pm A better performance than expected following US indices that took fright after a lack of dovishness from new Fed chief Jerome Powell. The ASX 200 is down 21 points whereas US indices fell around 1%.
Korean giant POSCO took a 5% stake in lithium play Pilbara Minerals which mimics what's happened in Orocobre recently. Clearly the end users are far less confident of oversupply next year than Morgan Stanley. Galaxy has rebounded 4% and ORE has recovered 2% to 672. Meanwhile QAN is up 10 to 580. I've been long since the day of the result and looking for another leg up after a high congestion. I did sell a third this morning at 579 in case it stalled at a minor new high but I'm hoping for 590 to 600 for the rest.
In the small caps I'm waiting for the Bubs result but I think it may come out after 4 pm if the last report is any guide. It fell early to 88 and has just traded up 3 at 98. Synlait is up a further 37 to 713. I sold half at 695 and I'm offering the rest at 735.
12.10 pm That was quick. I've just sold the last SM1 at 735 and moments later it's up to 749. My target was 750 in the short term but I'm still pretty happy with the trade.
12.33 pm Bubs is out, a loss of a few million and a market cap of about $350 mill but it's all about growth and they've bought the Nulac business and seem to be growing fast, albeit from a low base. It looks ok to me but there's been a sell off to 89. I'll wait for the dust to settle but I wouldn't mind adding here.
2.40 pm Bubs is still retracing and is back at 85. Meanwhile the broad market didn't like the weak Chinese PMI although it was affected by the Golden week holidays. I'm still going ok overall with QAN trading up further at 589 although it's offset with a general slide elsewhere.
4.26 pm The index held reasonably well but nevertheless ground lower though the afternoon to close down 41 points. Qantas was the pick for me and I sold another tranche at 591. A couple of shorts helped me but with ORE and MIN slipping back and BUB under pressure, it was a slightly negative day.
I bought some Afterpay on the close for the small cap book. I'm hoping the minor sell off post result is over and with a recovery day today, it could kick back up towards 800.
Korean giant POSCO took a 5% stake in lithium play Pilbara Minerals which mimics what's happened in Orocobre recently. Clearly the end users are far less confident of oversupply next year than Morgan Stanley. Galaxy has rebounded 4% and ORE has recovered 2% to 672. Meanwhile QAN is up 10 to 580. I've been long since the day of the result and looking for another leg up after a high congestion. I did sell a third this morning at 579 in case it stalled at a minor new high but I'm hoping for 590 to 600 for the rest.
12.10 pm That was quick. I've just sold the last SM1 at 735 and moments later it's up to 749. My target was 750 in the short term but I'm still pretty happy with the trade.
12.33 pm Bubs is out, a loss of a few million and a market cap of about $350 mill but it's all about growth and they've bought the Nulac business and seem to be growing fast, albeit from a low base. It looks ok to me but there's been a sell off to 89. I'll wait for the dust to settle but I wouldn't mind adding here.
2.40 pm Bubs is still retracing and is back at 85. Meanwhile the broad market didn't like the weak Chinese PMI although it was affected by the Golden week holidays. I'm still going ok overall with QAN trading up further at 589 although it's offset with a general slide elsewhere.
4.26 pm The index held reasonably well but nevertheless ground lower though the afternoon to close down 41 points. Qantas was the pick for me and I sold another tranche at 591. A couple of shorts helped me but with ORE and MIN slipping back and BUB under pressure, it was a slightly negative day.
I bought some Afterpay on the close for the small cap book. I'm hoping the minor sell off post result is over and with a recovery day today, it could kick back up towards 800.
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