Own goal
11.42 am Wow. A massive own goal by Labor as they announce a policy of banning franking rebates for pensioners. They may have assessed that the beneficiaries are largely Liberal voters but it's unfair and disruptive and those Liberal voters that have been flirting with minor parties due to a dislike of Turnbull moving the party to the left will now rush back to the devil they know. The early figures are that it will affect 1.2 million taxpayers but I think you can triple that if you consider the cohort of taxpayers over 50 but under retirement age who will be very unhappy with these changes. Also, Australians are aspirational and want to be self sufficient in retirement so swinging voters are unlikely to support this.
The market is down 36 points as the US indices eased slightly ahead of inflation numbers tonight and the fall is probably exacerbated by the announcement from Shorten and Bowen. A2M is the sole long that is up in the large caps and I've sold half of my balance at 1295. The rest aren't down much and I feel that the sell off has probably gone far enough.
BLD is chopping sideway so it seems to be consolidating the first part of this swing. I sold a third of my long yesterday at 779 and would like to reinstate it in the high 760s if possible as I think this minor correction might stall there.
NXT sold off early but is recovering. I like it but it's making heavy weather of things. I added more at 683 and hope to sell the extra stock in the low 690s.
AWC is down 3 to 232. if it has another swing down I might look to add in the high 220s as long as there's no strong momentum to the selling.
The small caps have mostly gone nowhere except for Synlait which is looking encouraging. I didn't add any more late yesterday because the stock didn't really move but will do today if these gains hold.
12.44 pm BUB really can't get a move on and is rolling over again. I'm holding but it looks as if it will retrace from here. If it does, the question is going to be whether the 77 support holds.
SM1 is pushing higher and I decided to add the extra stock at 718, last sale is 720.
2.39 pm Synlait has accelerated and I've sold a third out at 742 on the fast move.
3.50 pm Boral has slipped back to 766 and I added some at 767. I've also been waiting for a pull back in Resolute and I'm trying to pick some up at 117.5. Currently it's 118. I think it will do some work here but should hold 115-116.
4.24 pm I bought a few Resolute at 118 on the match. I think I could be a little early so if it happens to open a few cents higher, I'd probably tip them out. Otherwise the ASX 200 recovered half the losses to be down 21 points at 5975. I was fractionally down on markings in the large caps and ahead in the smalls thanks to Synlait which closed up 36 at 737.
The market is down 36 points as the US indices eased slightly ahead of inflation numbers tonight and the fall is probably exacerbated by the announcement from Shorten and Bowen. A2M is the sole long that is up in the large caps and I've sold half of my balance at 1295. The rest aren't down much and I feel that the sell off has probably gone far enough.
BLD is chopping sideway so it seems to be consolidating the first part of this swing. I sold a third of my long yesterday at 779 and would like to reinstate it in the high 760s if possible as I think this minor correction might stall there.
12.44 pm BUB really can't get a move on and is rolling over again. I'm holding but it looks as if it will retrace from here. If it does, the question is going to be whether the 77 support holds.
2.39 pm Synlait has accelerated and I've sold a third out at 742 on the fast move.
3.50 pm Boral has slipped back to 766 and I added some at 767. I've also been waiting for a pull back in Resolute and I'm trying to pick some up at 117.5. Currently it's 118. I think it will do some work here but should hold 115-116.
4.24 pm I bought a few Resolute at 118 on the match. I think I could be a little early so if it happens to open a few cents higher, I'd probably tip them out. Otherwise the ASX 200 recovered half the losses to be down 21 points at 5975. I was fractionally down on markings in the large caps and ahead in the smalls thanks to Synlait which closed up 36 at 737.
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