Next leg underway
12.09 pm The index is knocking on the door of 6000, up 36 to 5999. It was as high as 6026 early on very good overnight leads from the US where inflation fears receded despite good jobs growth. However, with US CPI due overnight (I think...or tomorrow) some caution has come into play.
My large cap positions have done well. Best in percentage terms is A2M which is up 53 at 1290 where I sold a little. Apart from an intraday spike high on results day, this is uncharted territory for the stock but there is a lot of buying momentum so I'm trying to be patient.
I kept half of the LYC long on Friday because the stock finished well, forming a congestion close to a spike high which I find quite a good indicator of another surge to come. I'm not pushing it too hard and I'm offering 255 for the balance. It did touch that earlier and is currently 253.
I'm most pleased with NXT because I've had to be patient here. The stock is up 20 to 700 with good momentum and 720 doesn't seem like much of a stretch.
The other large cap long is Sydney Airport which has risen 1%, slightly better than the overall market.
The small caps are mixed but there's a net gain there. I sold the extra tranche of BUB at 84 though I did expect the stock to go harder today. There's plenty of time left, I guess and the chart looks promising.
I sold the KGN at 915 even though the stock will probably get to new highs closer to 1000. This leg has been a good one though and I was very lucky with my entry. If it keeps going then I've left something on the table but there's a good chance it retraces some of this leg before another attempt at the peak so I'll be watching for an opportunity to buy back in on a pullback.
Otherwise it's mixed. AC8 is still correcting and CLQ is back down to 122 as the overhang puts pressure on the stock. I've been nibbling at SM1 - a good trade from a couple of weeks back - and it could be ready for the next leg. I'll add on a decent close.
1.42 pm BLD has started to recover after retracing some of the gains it made post result in mid February. Prior to that, it had rallied for over a year and there was a cautious sell off ahead of the result in tandem with the broad market fall. I've gone long at 773 and judging by the bounce in February I might expect a swing of around 60 cents so I'm estimating roughly 805-810. I'd expect some minor resistance at the recent high of 796 and if it went there quickly, I'd probably take the position off there. Obviously a failure to hold the recent 749 low would put the kybosh on this scenario.
4.20 pm The index ground back in three waves through the day after a strong start and the final result for the ASX 200 was a gain of 33 points to 5996. A2M and NXT gave back some of their gains but I like them both to make new highs in the next day or two. I sold the last of the Lynas at 250. Even though I also think that one will get back to 255 or higher, it was about time to get out especially as I've put on a starting position in AWC at 235. This one may be resuming following a few days of congestion after a bounce back.
The small caps were affected by the intraday sell off too but the net result was a gain. BUB didn't get going but did hold a gain of 2.5 to 84.
My large cap positions have done well. Best in percentage terms is A2M which is up 53 at 1290 where I sold a little. Apart from an intraday spike high on results day, this is uncharted territory for the stock but there is a lot of buying momentum so I'm trying to be patient.
The small caps are mixed but there's a net gain there. I sold the extra tranche of BUB at 84 though I did expect the stock to go harder today. There's plenty of time left, I guess and the chart looks promising.
1.42 pm BLD has started to recover after retracing some of the gains it made post result in mid February. Prior to that, it had rallied for over a year and there was a cautious sell off ahead of the result in tandem with the broad market fall. I've gone long at 773 and judging by the bounce in February I might expect a swing of around 60 cents so I'm estimating roughly 805-810. I'd expect some minor resistance at the recent high of 796 and if it went there quickly, I'd probably take the position off there. Obviously a failure to hold the recent 749 low would put the kybosh on this scenario.
4.20 pm The index ground back in three waves through the day after a strong start and the final result for the ASX 200 was a gain of 33 points to 5996. A2M and NXT gave back some of their gains but I like them both to make new highs in the next day or two. I sold the last of the Lynas at 250. Even though I also think that one will get back to 255 or higher, it was about time to get out especially as I've put on a starting position in AWC at 235. This one may be resuming following a few days of congestion after a bounce back.
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