Fine Tuning
12.08 pm A good start to February with the index higher by 44 points. My main long overnight was in Lynas and that's actually down 7 so the large caps are pretty disappointing only helped by some day trading in BPT where I bought early and have sold out most at higher levels. Production was slightly disappointing but the cash generation from the Lattice assets is outstanding and yesterday's sell off was quickly unwound.
The Lynas disappointment is putting into focus some thoughts I've been having about entry points. I've been playing with ideas of buying the first or second inside day in running stocks so DMP would be a clear example and one I considered yesterday.
The breakout was on Monday followed by two quiet days. Obviously breakout days often simply continue to surge but if they happen to congest, the timing can be excellent.
Otherwise, most of my small caps are higher and I've sold a third of my WHA at 236. I think it can go a fair bit higher but I didn't take any off last time it hit the 230s and missed the chance to reinstate 20 cents lower.
2.25 pm Interestingly, Domino's pulled back from the early strength but there was still a pretty good opportunity to make 1.5%. A2M and BLD were similar but stronger stocks and are both up more than 2%.
I bought some AMA for the small cap book. It's a motor repair company and has started to rally again after a short retracement from a strong push higher. Long at 115.5.
3.25 pm I've decided to stay long BPT after what has been a particularly strong bounce today from a higher low after yesterday's pullback.
It's been a frustrating day though with LYC pulling back hard on a strong day. It's an inside day for now so I am staying long but timing was poor here.
4.16 pm Lynas recovered from the intraday lows but still fell 8 to 208, I'm giving it another day. BPT finished strongly at 137. WHA was the pick of the small caps, rising 24 to 250 while CGC - a stale long - rallied nicely to 625.
The index ran hard, up 0.9% and virtually anything else I might have chosen to buy yesterday from my short list would have been up a couple of percent so an extremely frustrating day, at least in the large caps.
Otherwise, most of my small caps are higher and I've sold a third of my WHA at 236. I think it can go a fair bit higher but I didn't take any off last time it hit the 230s and missed the chance to reinstate 20 cents lower.
2.25 pm Interestingly, Domino's pulled back from the early strength but there was still a pretty good opportunity to make 1.5%. A2M and BLD were similar but stronger stocks and are both up more than 2%.
I bought some AMA for the small cap book. It's a motor repair company and has started to rally again after a short retracement from a strong push higher. Long at 115.5.
3.25 pm I've decided to stay long BPT after what has been a particularly strong bounce today from a higher low after yesterday's pullback.
4.16 pm Lynas recovered from the intraday lows but still fell 8 to 208, I'm giving it another day. BPT finished strongly at 137. WHA was the pick of the small caps, rising 24 to 250 while CGC - a stale long - rallied nicely to 625.
The index ran hard, up 0.9% and virtually anything else I might have chosen to buy yesterday from my short list would have been up a couple of percent so an extremely frustrating day, at least in the large caps.
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