Galaxy Quest
12.21 pm A good film but a bad strategy. I tried to preempt a weekly turn in this stock but a miss on their quarterly production has cost 6%. It's not a big position as there was no confirmed signal but it's eaten up large cap profit elsewhere. Otherwise the market is up 8 points on continued strength in resources and some bargain hunting in banks; it seems to be fading though. Small caps are flat to up in a quiet market which will be broken up by the Anzac Day holiday on Wednesday. Asian markets are mildly weaker though US futures are showing a modest gain.
2.56 pm Tumbleweeds are rolling through the market especially in the smaller stocks. I've been getting out of positions in the small cap book when price ticks up so MCR and PAN are gone for net square and I'm offering BGS at 52.5 which would be a half cent loss. The overall book is breakeven at this point. I have spotted a few minor buy signals that I might take on the close. One is Argosy which is up 2.5 to 33.5 on pretty good volume. The weekly trend is decent and it has been consolidating from the early year highs for 3 or 4 months.
4.25 pm Galaxy recovery half of the losses to close down 9 at 294 while PLS was down just half a cent on the day. Otherwise I left most of the large cap positions. The short in NVT did pretty well, off 11 to 424 and I added another in Seek. This appears to be rolling over after a lacklustre attempt at a rally following a sharp fall in March.
The index managed a gain of 17 points as banks found support.
2.56 pm Tumbleweeds are rolling through the market especially in the smaller stocks. I've been getting out of positions in the small cap book when price ticks up so MCR and PAN are gone for net square and I'm offering BGS at 52.5 which would be a half cent loss. The overall book is breakeven at this point. I have spotted a few minor buy signals that I might take on the close. One is Argosy which is up 2.5 to 33.5 on pretty good volume. The weekly trend is decent and it has been consolidating from the early year highs for 3 or 4 months.
4.25 pm Galaxy recovery half of the losses to close down 9 at 294 while PLS was down just half a cent on the day. Otherwise I left most of the large cap positions. The short in NVT did pretty well, off 11 to 424 and I added another in Seek. This appears to be rolling over after a lacklustre attempt at a rally following a sharp fall in March.
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