That's it for now
12.05 pm The index rejected some early strength and is now down 11 points at 5938 having been up more than half a percent at the open. Selling in the banks has been the story again driven, perhaps, by the lower Australian dollar. My problem position has been NXT. I was hoping for an acceleration but there was a quick rejection of an early peak above 700 suggesting that the pattern is an overlapping corrective wave so lower levels - albeit within the 640-700 range - can be expected. I've sold two thirds of my balance at 686 and hoping for some sort of bounce for the balance.
SYD is down 6 in fairly light trade but I'm also inclined to sell these as it's a countertrend rally that can't really catch fire.
Otherwise, AWC and RSG are up and I've added some WHC at 424 as it starts to pop following a double bottom on Friday.
The small caps haven't done much. Cleanteq continues to chop in a tight range and I bought more at 126.5 hoping to lighten again around 130. Currently it's a bit lower at 125. I've bought some shares in a gold explorer, De Grey Mining, at 14.5. There's a range break on good volume after a bullish resource announcement this morning.
1.17 pm Some housekeeping in the small caps. I bought MSB looking for a quick retracement but it stalled Friday and is slipping today so I got out at 164.5 versus an entry price of 168. It might make a higher low and have another go at a rally but it doesn't seem clear to me so happy to leave it alone for now.
2.28 pm Out of the last of the NXT at 689 as it recovers with the market. It looks like it might go higher yet but I'm ok with being out of it. I've held the position for about two weeks with only minor gains and other stocks look clearer now.
3.46 pm I didn't buy ORG on Friday as I had enough on the book - although my assistant bought some - but I did buy some STO fairly early in the day at 496 and I'll hold them overnight as the oil stocks have done well and Santos is up at 503 now. It looks as if Friday was a higher low after a choppy correction so another decent up day could be in order.
Otherwise I sold a third of the Resolute at 124.5 with the target for the rest in the high 120s. AWC has held well and is up 5 at 240. I'm hoping to sell at 244 tomorrow while WHC looks good too, currently up 10 at 428. I'm holding the SYD for now although keen to sell on any push higher. It's down 4 to 673.
The small caps are pretty square as DEG has covered a couple of minor losses in MSB and (unrealised) in CLQ. I sold half the DEG at 15.5 and I'm hoping to get 17, 17.5 for the balance tomorrow.
4.18 pm It was a quiet choppy Monday with the recent theme of bank selling recurring although it was fairly mild today. Resources were mixed with oil and gas the best and the golds better bid than I might have expected. The closing figure for the ASX 200 was 5959, a rise of 10 points.
My large cap book was pretty healthy despite the failure to thrive of longer term positions in NXT and SYD. The small cap book held it's own with not a lot happening overall.
Otherwise, AWC and RSG are up and I've added some WHC at 424 as it starts to pop following a double bottom on Friday.
1.17 pm Some housekeeping in the small caps. I bought MSB looking for a quick retracement but it stalled Friday and is slipping today so I got out at 164.5 versus an entry price of 168. It might make a higher low and have another go at a rally but it doesn't seem clear to me so happy to leave it alone for now.
2.28 pm Out of the last of the NXT at 689 as it recovers with the market. It looks like it might go higher yet but I'm ok with being out of it. I've held the position for about two weeks with only minor gains and other stocks look clearer now.
3.46 pm I didn't buy ORG on Friday as I had enough on the book - although my assistant bought some - but I did buy some STO fairly early in the day at 496 and I'll hold them overnight as the oil stocks have done well and Santos is up at 503 now. It looks as if Friday was a higher low after a choppy correction so another decent up day could be in order.
The small caps are pretty square as DEG has covered a couple of minor losses in MSB and (unrealised) in CLQ. I sold half the DEG at 15.5 and I'm hoping to get 17, 17.5 for the balance tomorrow.
4.18 pm It was a quiet choppy Monday with the recent theme of bank selling recurring although it was fairly mild today. Resources were mixed with oil and gas the best and the golds better bid than I might have expected. The closing figure for the ASX 200 was 5959, a rise of 10 points.
My large cap book was pretty healthy despite the failure to thrive of longer term positions in NXT and SYD. The small cap book held it's own with not a lot happening overall.
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