North and South
12.19 pm Finally a decent bounce after no nasty surprises re inflation helped US indices to bounce. A couple of resource stocks I've liked and been forced to cut in the grinding turnaround have performed well today. Those two are BHP, back above 3100, and WHC which has turned up and is back to 460.
Most of the resource stocks have gone strongly North with very few losers. One of those is South 32 which reported this morning. Some early disappointment saw the stock sold down to 355 but it has since recovered and is down 3 at 367. I've been looking for a minor new low in the 350s and that has happened although there was a brief window to buy there and I wanted to watch. I'm long now at 367 which might be a bit aggressive as it hasn't really decided where it wants to go but I'm prepared to cut and try again if necessary.
3.06 pm Jeez, I'm making heavy weather of this. WHC is up 7.4% and I dumped it yesterday only to switch into S32, the only resources stock that's down...just about. I also bought 3 or 4 other resource stocks, similar patterns and I'm not too concerned about S32 but there's no point being too early especially on a slight miss on the result.
You can throw a dart really and find a nice fast rebounding resources stock but I like IGO. Yes, it's run hard today but it's gapping and should keep moving.
3.49 pm Another of the new longs is Lynas at 188. A long slow correction that's reversed after rejecting a new low at a reasonable support level.
4.13 pm A great day for the market especially in the resources and I stuffed it up. Still, live and learn. Back on that horse tomorrow.
Most of the resource stocks have gone strongly North with very few losers. One of those is South 32 which reported this morning. Some early disappointment saw the stock sold down to 355 but it has since recovered and is down 3 at 367. I've been looking for a minor new low in the 350s and that has happened although there was a brief window to buy there and I wanted to watch. I'm long now at 367 which might be a bit aggressive as it hasn't really decided where it wants to go but I'm prepared to cut and try again if necessary.
3.06 pm Jeez, I'm making heavy weather of this. WHC is up 7.4% and I dumped it yesterday only to switch into S32, the only resources stock that's down...just about. I also bought 3 or 4 other resource stocks, similar patterns and I'm not too concerned about S32 but there's no point being too early especially on a slight miss on the result.
You can throw a dart really and find a nice fast rebounding resources stock but I like IGO. Yes, it's run hard today but it's gapping and should keep moving.
3.49 pm Another of the new longs is Lynas at 188. A long slow correction that's reversed after rejecting a new low at a reasonable support level.
4.13 pm A great day for the market especially in the resources and I stuffed it up. Still, live and learn. Back on that horse tomorrow.
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