Art of Noise
12.03 pm The US indices managed a solid rally but having pre-empted that and with some nervousness about military action in Syria, the local index has retraced about half of yesterday's gain. At present it looks as if it's just a pullback and the short term trend is higher but the volatile nature of the current market means my confidence is fairly low.
The large caps I'm holding are flat on the day with BPT, LYC and WSA the best as commodities were well bid overnight. The small caps are higher overall.
BHP has been finding solid support above 2800 and made a weekly buy signal with yesterday's close. It has run more than 2% today and having had a long retracement, it looks good for a move back above 3200 over the next month or so. I'm not in it as I think I can get more leverage with smaller dollar resource stocks but it's a useful bellwether for the sector.
3.47 pm The index has gradually slipped lower but held above minor breakout levels so the short term momentum is intact. You can see that from the SPI 30 minute chart.
4.21 pm The final figure was 5829, a drop of 28 points.
I'm quite encouraged by the performance of CSR. I bought this last Friday and it looks as if it could accelerate having pushed higher from two recent higher lows.
The large caps I'm holding are flat on the day with BPT, LYC and WSA the best as commodities were well bid overnight. The small caps are higher overall.
BHP has been finding solid support above 2800 and made a weekly buy signal with yesterday's close. It has run more than 2% today and having had a long retracement, it looks good for a move back above 3200 over the next month or so. I'm not in it as I think I can get more leverage with smaller dollar resource stocks but it's a useful bellwether for the sector.
I'm quite encouraged by the performance of CSR. I bought this last Friday and it looks as if it could accelerate having pushed higher from two recent higher lows.
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