Stoic
12.16 pm There was a third straight day of decent gains on US indices and really large rises in Europe but some post market sabre rattling from Trump knocked the US futures down and led to early falls here. The index has retraced most of that now to be sitting 5 points lower.
I lost my nerve and sold GXY before it had broken support and it has bounced along with the rest of the sector. However, I picked up some SYR early as a day trade and that has covered a fair bit of the opportunity cost. Otherwise, there are some minor rises in my large caps and the same in the smalls.
I have a shopping list of potential longs based on weekly signals where I'm looking for a two week hold. These are CCL, CSL, CSR, JHX, ORA, RIO, TWE and WFD. They may or may not shape up by the end of the day and there may be a couple of additions too.
3.20 pm Beach Petroleum is up 2 to 129 and has been as high as 130. The weekly is now showing a higher high than last week and a double bottom compared to two bars back. It's enough to trigger a buy signal so I'm holding the position now.
I'm also hanging onto Whitehaven which is up 5 to 430. It's an inside bar on the weekly and it makes 3 weeks in a row of higher lows.
The daily could be base building ahead of an upside breakout so although this is happening more slowly than I'd like, it's worth waiting.
Otherwise, NXT is hovering around my entry price of 653. It hasn't really triggered a buy although it's a very strong chart with what could be a completed 3 wave retracement which has held above the breakout level implying a push to new highs. Hence the small long.
I plan to take 3 or 4 new positions using weekly signals, mostly longs. One of my favourites is Westfield. I was interested in this last week and it has pushed gradually higher all week, confirming with some good strength today.
There are a few possibilities in the small caps. One is healthcare stock Bod Australia. There was a tentative signal that the correction was over last week and further strength this week. Given the distance to the January highs around 70, there's a possibility of a good move.
3.39 pm I'm leaving early today so that's it for me. The ASX 200 is up 1 despite the weakness persisting in US futures.
I lost my nerve and sold GXY before it had broken support and it has bounced along with the rest of the sector. However, I picked up some SYR early as a day trade and that has covered a fair bit of the opportunity cost. Otherwise, there are some minor rises in my large caps and the same in the smalls.
I have a shopping list of potential longs based on weekly signals where I'm looking for a two week hold. These are CCL, CSL, CSR, JHX, ORA, RIO, TWE and WFD. They may or may not shape up by the end of the day and there may be a couple of additions too.
3.20 pm Beach Petroleum is up 2 to 129 and has been as high as 130. The weekly is now showing a higher high than last week and a double bottom compared to two bars back. It's enough to trigger a buy signal so I'm holding the position now.
Otherwise, NXT is hovering around my entry price of 653. It hasn't really triggered a buy although it's a very strong chart with what could be a completed 3 wave retracement which has held above the breakout level implying a push to new highs. Hence the small long.
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