Healthscope bid

12.53 pm The possibility of a Healthscope bid has been discussed freely in the financial press over the last couple of weeks and it came through today with a 236 price. The stock is trading up 30 to 233 so the small discount implies a strong chance of it going through.
My large caps are in front overall but Altium has disappointed. It's a volatile stock but it has dropped back 2.3% to 1998 after rising 4% plus on Tuesday. Whitehaven looks the best with a rise of 9 to 465 and it looks as if it will push higher out of a brief congestion.

The small caps have edged lower overall and I'm finding that the small resources sector is disappointing at the moment with stocks failing to fire after tentative breakouts. This is in contrast to the second half of last year. I'm finding it's better to stick to industrials in the growth area.

4.34 pm The rally in the banks was brief and they've rolled over again, Westpac the worst on a downgrade, to leave the index 11 points lower at 5911. I kept the WHC but closed out everything else. I added a long in Worley Parsons which, as an oil services company, is running with the oil sector. It has had three tight range small up days after a decent rally, this often presages an acceleration higher as those looking for a pullback give up and pay the offer.

I got out of the low dollar longs in the small cap book in order to focus on the stocks which are genuinely moving. I bought Appen at 969. It's had the first leg of a bounce and may be starting another swing higher.