Presidential calm
12 pm The US was closed for the Presidents Day holiday and the Aussie market has trimmed yesterday's gain although we're off the lows, down 18 points.
IAG is ex div 14 cents so a fall of 10 cents so far is a 4 cent gain net while NXT has crept higher, up by a couple of cents. With MFG also down 1% it's been a solid start.
The best position I have is one my assistant put on, a long in TAH at 462. This is one we'd been debating the previous day and felt it was a good second chance entry. The hesitation had been that it has the look of a retracement rally after a steep drop without a proper low formation. The bullish case was that there was a very neat and tight buy formation with a higher low and higher high and with a good amount of room to rally before hitting resistance. A typical retracement might go to around 490. Since it's just a one or two day trade, the momentum is worthwhile trading.
4.21 pm It was a flat finish as the market recovered from the early sell off. I held on to the IAG which were up 6 net and most of the NXT although I was in two minds about that. I sold a third on the match for a minor gain. Best result was in MFG really with a fall of 1.7%. I closed that out on the match but left a minor short in PTM which barely moved.
My only new position is a long in Graincorp. It rallied after issuing a weak half yearly report last week because it was all about the weather rather than any underlying problem. Targets were generally edged higher and the stock is sitting well below the average valuation. I've used the entry point of buying a positive day after a congestion near the top of a good move higher. Long at 763.
IAG is ex div 14 cents so a fall of 10 cents so far is a 4 cent gain net while NXT has crept higher, up by a couple of cents. With MFG also down 1% it's been a solid start.
The best position I have is one my assistant put on, a long in TAH at 462. This is one we'd been debating the previous day and felt it was a good second chance entry. The hesitation had been that it has the look of a retracement rally after a steep drop without a proper low formation. The bullish case was that there was a very neat and tight buy formation with a higher low and higher high and with a good amount of room to rally before hitting resistance. A typical retracement might go to around 490. Since it's just a one or two day trade, the momentum is worthwhile trading.
4.21 pm It was a flat finish as the market recovered from the early sell off. I held on to the IAG which were up 6 net and most of the NXT although I was in two minds about that. I sold a third on the match for a minor gain. Best result was in MFG really with a fall of 1.7%. I closed that out on the match but left a minor short in PTM which barely moved.
My only new position is a long in Graincorp. It rallied after issuing a weak half yearly report last week because it was all about the weather rather than any underlying problem. Targets were generally edged higher and the stock is sitting well below the average valuation. I've used the entry point of buying a positive day after a congestion near the top of a good move higher. Long at 763.
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