Throwing in the towel
12.16 pm Well, the US was flat and our market tried to rally early but has rolled over. With a long weekend coming up and markets shaky, some of the fast movers are under pressure. Unfortunately that includes Galaxy along with the rest of the lithium sector. I'm going to have to cut these. Beach is ok, down a cent but neither here nor there.
In the small caps, I've been stubbornly hanging on to BUB but threw in the towel there at 73 as the powdered milk sector is selling off hard.
As I wrote yesterday, this correction seems like it has almost run its course but there's no point being early.
1.55 pm It seems like overkill with the market down 24 to 5766 while other regional markets are mixed. Rather than the minor consolidation I was expecting, the index has moves to its lowest level since early October. It's a quandary because I think this is sufficient now to have completed the sell down that began in early January in terms of wave action but I think we're ahead of the curve relative to US markets and further falls there will limit any chance of a rally.
4.26 pm The index got as low at 5753 before closing down 30 at 5759. I sold half of the BPT and GXY which have been poor trades. I shorted some TWE on the close at 1786. It's had a great run but is rolling over and broke support today.
The small caps I have were all marked down today. It was the worst first quarter since the GFC, lots of value is emerging so a change in sentiment would present some upside opportunities.
In the small caps, I've been stubbornly hanging on to BUB but threw in the towel there at 73 as the powdered milk sector is selling off hard.
As I wrote yesterday, this correction seems like it has almost run its course but there's no point being early.
1.55 pm It seems like overkill with the market down 24 to 5766 while other regional markets are mixed. Rather than the minor consolidation I was expecting, the index has moves to its lowest level since early October. It's a quandary because I think this is sufficient now to have completed the sell down that began in early January in terms of wave action but I think we're ahead of the curve relative to US markets and further falls there will limit any chance of a rally.
4.26 pm The index got as low at 5753 before closing down 30 at 5759. I sold half of the BPT and GXY which have been poor trades. I shorted some TWE on the close at 1786. It's had a great run but is rolling over and broke support today.
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