Next on the block
11.46 am The index is 17 points higher, recovering from some early weakness on a flat US result. Resources were a little stronger and most have pushed higher including oils and golds where I'm long.
I've changed the title of the blog to Trade of the Day because I want to focus much more on what works best for me which is to trade in quite a short time frame and also to resist the temptation to play around too much with intraday positions. The idea is to be quite minimal and focussed.
It's started quite well with BPT being yesterday's pick and I've just sold out a third at 140.5 which is a rise of 3.5 cents or 2.2%.
I still have a couple of remnant positions in LYC, RSG and SAR and I want to exit them but not in a great hurry as they're looking quite positive today. So far I've sold half the RSG at 117 with the rest on offer at 119 and a portion of SAR at 150, which is a rise of 3 cents on the day.
My small cap choice yesterday was AMA and that is a couple of cents higher, although I held on to two thirds of the WHA long and that has pulled back from 250 to 244.
Today's headline refers to Next DC which has surged 8% on takeover speculation. There was actually quite a decent buy signal yesterday. A small positive day following a higher low. I thought about it but my issue was that the January sell off was too sharp and suggested a loss of momentum so there were better choices elsewhere.
4.21 pm The index gained 31 points, cracking the 6100 level as it closed at 6121.
I sold the last of BPT on the match at 141.5 and my new trade of the day is TPM which I bought at 655. It's had a big move today from a higher low after a slow and shallow retracement. The stock is much lower in price than in the halcyon days of 2015 and early 2016 but is in a decent uptrend . I'm hoping for a quick surge to the top of the range around 685. The market likes the company management and the issues have been largely external; the loss of margin due to the NBN and the prior overvaluation.
In the small caps I couldn't see anything compelling and liked AMA and WHA enough to hold for another day.
I've changed the title of the blog to Trade of the Day because I want to focus much more on what works best for me which is to trade in quite a short time frame and also to resist the temptation to play around too much with intraday positions. The idea is to be quite minimal and focussed.
It's started quite well with BPT being yesterday's pick and I've just sold out a third at 140.5 which is a rise of 3.5 cents or 2.2%.
I still have a couple of remnant positions in LYC, RSG and SAR and I want to exit them but not in a great hurry as they're looking quite positive today. So far I've sold half the RSG at 117 with the rest on offer at 119 and a portion of SAR at 150, which is a rise of 3 cents on the day.
My small cap choice yesterday was AMA and that is a couple of cents higher, although I held on to two thirds of the WHA long and that has pulled back from 250 to 244.
Today's headline refers to Next DC which has surged 8% on takeover speculation. There was actually quite a decent buy signal yesterday. A small positive day following a higher low. I thought about it but my issue was that the January sell off was too sharp and suggested a loss of momentum so there were better choices elsewhere.
4.21 pm The index gained 31 points, cracking the 6100 level as it closed at 6121.
I sold the last of BPT on the match at 141.5 and my new trade of the day is TPM which I bought at 655. It's had a big move today from a higher low after a slow and shallow retracement. The stock is much lower in price than in the halcyon days of 2015 and early 2016 but is in a decent uptrend . I'm hoping for a quick surge to the top of the range around 685. The market likes the company management and the issues have been largely external; the loss of margin due to the NBN and the prior overvaluation.
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