Sanctions biting
12.10 pm Fear over sanctions and perhaps the prospect of nickel being the next in line has helped the resource sector to surge this morning and the overall market is 32 points higher. Today it's almost entirely resources so I had to be quick to get out of my leftover tech longs, I did well in Altium but got lower levels in Appen, Hub24 and Netcomm. The pick of my longs has been MIN which is up around 5.5% at 1800 and I sold a third at 1805. WHC is muted and I took a couple of speccy longs in lithium plays GXY and PLS which are going well so far. I also bought back into CSR at 560. They do have reasonable aluminium exposure which might have been forgotten to some extent. It's a continuation signal in a strong stock after a pause yesterday but not a fantastic entry so one I might exit by the close.
Otherwise WEB and BLD are doing quite well though a remnant position in NXT is suffering as the stock drifts back to close the gap at 682.
The small caps are costing slightly as I should have taken the windfall gains on all the tech longs on the close yesterday, that was the original plan but this time was different! I also did something that doesn't generally work and paid up for a couple of nickel stocks on the open. One of these was PAN where I paid 52, roughly where it is now. It's fine and not the worst signal but I could have easily got set at 51.5 and the stock is not going anywhere so far so I could definitely have waited. I'm reasonably optimistic over a 3 or 4 day period though and think it can hit 60.
2.14 pm The gains are ebbing away and the market is up just 17 points at 5878 after briefly breaching 5900 this morning. There's nervousness around the 5900 level but I'm more confident now that overseas indices are clearly trending higher after the recent sell off. It has the hallmarks of the wall of worry rally with edgy tight days grinding higher but I've missed a trick given that context in not taking my profits when they appear early in the day.
4.29 pm A slow day of gap filling followed a bright opening with the market finishing up 20 at 5881 but the SPI dropping off post the match. I see a similar pattern in days to come with perhaps a short squeeze up thrown in.
I sold out of the CSR I punted for scratch, held the MIN, NXT and WHC and added a few MQA. I'm still short some CGF and they were sold off 3% on a poor update. The large caps made a few dollars, mainly thanks to Mineral Resources, while the small caps lost a smidgin. I got out of the EML long for a 2 cent loss on the match and bought a couple more minnows for the first time in a while. One of them was Birimian at 53. It's an African based explorer with interests in gold and lithium. It rallied strongly from a higher low though not on fantastic volume so I kept the position size small.
The small caps are costing slightly as I should have taken the windfall gains on all the tech longs on the close yesterday, that was the original plan but this time was different! I also did something that doesn't generally work and paid up for a couple of nickel stocks on the open. One of these was PAN where I paid 52, roughly where it is now. It's fine and not the worst signal but I could have easily got set at 51.5 and the stock is not going anywhere so far so I could definitely have waited. I'm reasonably optimistic over a 3 or 4 day period though and think it can hit 60.
2.14 pm The gains are ebbing away and the market is up just 17 points at 5878 after briefly breaching 5900 this morning. There's nervousness around the 5900 level but I'm more confident now that overseas indices are clearly trending higher after the recent sell off. It has the hallmarks of the wall of worry rally with edgy tight days grinding higher but I've missed a trick given that context in not taking my profits when they appear early in the day.
4.29 pm A slow day of gap filling followed a bright opening with the market finishing up 20 at 5881 but the SPI dropping off post the match. I see a similar pattern in days to come with perhaps a short squeeze up thrown in.
I sold out of the CSR I punted for scratch, held the MIN, NXT and WHC and added a few MQA. I'm still short some CGF and they were sold off 3% on a poor update. The large caps made a few dollars, mainly thanks to Mineral Resources, while the small caps lost a smidgin. I got out of the EML long for a 2 cent loss on the match and bought a couple more minnows for the first time in a while. One of them was Birimian at 53. It's an African based explorer with interests in gold and lithium. It rallied strongly from a higher low though not on fantastic volume so I kept the position size small.
Comments
Post a Comment