Techtastic
12.31 pm A good day for our tech sector, such as it is. The NASDAQ rallied 1.7%, leading the US major indices and they all regained 50 day moving average levels. Our market is once again held down by the banking and finance sector as the skeletons are cleared out of cupboards at the Royal Commission. Despite that, the ASX 200 is up 20 to 5861 and could be setting up for more gains.
Altium and HUB are up 2.5 to 3.5% as is NXT which resumed after a very well received fund raising. WHC has confirmed yesterday's break as it up 14 to 455, helped by a bounce in coal prices in Chinese trading.
3.38 pm The seesaw is still tipping 20 points to the positive but it's the heavyweight banks in the red and just about everything else in the black.
The heavily oversold lithium stocks are showing reversal signs and I'm buying Mineral Resources which is diversified but gets lumped in with the sector to some extent. It's still a tentative position but a higher low seems to be in and the stock is pushing its nose back through 1700. A break away from this level could quickly take it to 1850 so worth an exploratory position.
4.32 pm The needle didn't move and the final figure was up 20 to 5861. Both books went well today. I sold a little ALU and added another quasi tech play in Webjet at 1080. I'm looking for a reversal here and it might be at short term resistance but there was a high narrow congestion intraday and that's usually a good sign for another leg higher.
I took half profit on Appen, Hub24 and Netcomm in the small caps and added BWX and EML. Both of these are early stage retracements so not high quality but the momentum is ok for a day or two. EML is a fintech focussing on debit cards. It's made a short term buy signal, the weekly has turned up and a steep downtrend channel has broken. But it probably doesn't have too much left in this leg up, perhaps to 140. I'm almost talking myself out of this trade but I think it can kick to the low/mid 130s tomorrow which is enough.
Altium and HUB are up 2.5 to 3.5% as is NXT which resumed after a very well received fund raising. WHC has confirmed yesterday's break as it up 14 to 455, helped by a bounce in coal prices in Chinese trading.
3.38 pm The seesaw is still tipping 20 points to the positive but it's the heavyweight banks in the red and just about everything else in the black.
The heavily oversold lithium stocks are showing reversal signs and I'm buying Mineral Resources which is diversified but gets lumped in with the sector to some extent. It's still a tentative position but a higher low seems to be in and the stock is pushing its nose back through 1700. A break away from this level could quickly take it to 1850 so worth an exploratory position.
4.32 pm The needle didn't move and the final figure was up 20 to 5861. Both books went well today. I sold a little ALU and added another quasi tech play in Webjet at 1080. I'm looking for a reversal here and it might be at short term resistance but there was a high narrow congestion intraday and that's usually a good sign for another leg higher.
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