Unconvinced
12.53 pm Market participants are unconvinced the sell off is over which seems sensible to me. The index is at 5901, a rise of 1.2%, after a two day fall of 5%. I expect many people are finding value here but would be concerned about another leg down in US indices.
My overnight long in BHP has done a little better than the market with a rise of 2.2% and I've traded around the position again to add some value as I'm wondering whether it might be worth holding the trade overnight.
It was an error not to buy AYS in the small caps as it has risen 5% this morning. It seems like a major break so I bit the bullet and paid 220.
4.16 pm Very unconvinced. In the end, the rally was a fairly pathetic 0.7% rise which in context is low.
I did stay long BHP as it's one of the strongest stocks in the market and holding well enough. It's one of these where I feel as if we're close to support and downside is relatively limited. Most signals are pretty iffy when the index is flying around so although there are some reversal buys (including BHP) the quality is pretty low during a sell off which is probably not complete.
My overnight long in BHP has done a little better than the market with a rise of 2.2% and I've traded around the position again to add some value as I'm wondering whether it might be worth holding the trade overnight.
It was an error not to buy AYS in the small caps as it has risen 5% this morning. It seems like a major break so I bit the bullet and paid 220.
4.16 pm Very unconvinced. In the end, the rally was a fairly pathetic 0.7% rise which in context is low.
I did stay long BHP as it's one of the strongest stocks in the market and holding well enough. It's one of these where I feel as if we're close to support and downside is relatively limited. Most signals are pretty iffy when the index is flying around so although there are some reversal buys (including BHP) the quality is pretty low during a sell off which is probably not complete.
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