Explosives
12.14 pm After closing the rest of the gap with some early weakness, the index has climbed into the black with a rise of 5 to 5886.
My book is pretty flat though my assistant is long both ORI and IPL which have explosives interests and hence are linked to sentiment in mining stocks even if IPL is seen more as a fertiliser business by many.
IPL has been grinding higher and is gathering pace with a rise of 1.6%. Orica has been sneaking up on 1900 in a high and slightly rising congestion. I bought some too at 1911. There's range resistance at about 1940 but the structure of this pattern leads me to think there could be a 3rd wave advance due in this current leg higher so that this resistance may not be much of an impediment to the stock.
I closed out a short early on in CGF at 1088 after positive analyst opinion encouraged some bargain hunting and got out of MQA at 604 as it looks as if it could consolidate for a couple of days. I've sold the NXT and am offering BLD. I'm disappointed in Whitehaven. An influential analyst upgraded to neutral and raised his target above the current share price. There is also a decent weekly break on good volume, but the arm wrestle continues and the sellers are more aggressive today, knocking the stock down from an early high of 466 to 447 despite the broad market firming.
The small caps have done nothing except slip a fraction as the resources sector takes a breather today.
3.27 pm Shanghai is just about the only market that hasn't bottomed yet and further falls this week have been a headwind for our market. Despite that, and with the catalyst of sanctions, commodities have rallied, including iron ore. I've been watching the hard hit lithium stocks and they are showing good signs. KDR has surged today, ORE rallied hard yesterday and GXY and PLS look pretty good too. I've got some PLS and added more at 87 today. The weekly is encouraging with a strong sense that the bottom has been found after a higher low and a doji bar last week and a good move this week.
Galaxy's chart is one bar back with a new low this week being rejected and a fair bit of support around the 300 level on this time scale.
3.42 pm Volume has been very low in some of the small caps so I'm holding yesterday's long in BGS even though it has retraced half of yesterday's gains. It means my hands are tied with adding new ones.
4.30 pm The final result was a loss of 12 points to 5869 as regional weakness put a lid on things. The lithium stocks finished well and I'm long GXY, MIN and PLS. WHC held ok and I added a short in education stock Navitas. It's in a strong downtrend and after a weak attempt to hold 440, the stock dropped through that level so I sold on the match out at 435.
The small caps were dull today with a small loss net although it was a decent enough week in this portfolio. The large caps broke even today and went well over the week.
My book is pretty flat though my assistant is long both ORI and IPL which have explosives interests and hence are linked to sentiment in mining stocks even if IPL is seen more as a fertiliser business by many.
IPL has been grinding higher and is gathering pace with a rise of 1.6%. Orica has been sneaking up on 1900 in a high and slightly rising congestion. I bought some too at 1911. There's range resistance at about 1940 but the structure of this pattern leads me to think there could be a 3rd wave advance due in this current leg higher so that this resistance may not be much of an impediment to the stock.
The small caps have done nothing except slip a fraction as the resources sector takes a breather today.
3.27 pm Shanghai is just about the only market that hasn't bottomed yet and further falls this week have been a headwind for our market. Despite that, and with the catalyst of sanctions, commodities have rallied, including iron ore. I've been watching the hard hit lithium stocks and they are showing good signs. KDR has surged today, ORE rallied hard yesterday and GXY and PLS look pretty good too. I've got some PLS and added more at 87 today. The weekly is encouraging with a strong sense that the bottom has been found after a higher low and a doji bar last week and a good move this week.
4.30 pm The final result was a loss of 12 points to 5869 as regional weakness put a lid on things. The lithium stocks finished well and I'm long GXY, MIN and PLS. WHC held ok and I added a short in education stock Navitas. It's in a strong downtrend and after a weak attempt to hold 440, the stock dropped through that level so I sold on the match out at 435.
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