Time to buy
1.46 pm The local market is up 22 points, ignoring Friday's heavy falls in US indices just as we'd ignored their prior rallies. US futures are up too on a softening of trade rhetoric and Asian markets are pretty strong. There's a nice buy signal setting up on the weekly chart for the ASX 200 as today's action has broken last week's high. It's obviously early in the week to be sure of things but the signs are good.
My large caps are going quite well with CSL up 1.3% and WFD 1.7% while CCL and CSR of the new weekly longs are up too. WSA is the black spot with a fall of 11 to 319 but it's quite volatile and given that I'm taking a weekly signal, I'm not overly concerned.
The new small cap longs are ok but I'm getting a little hurt on the older ones where I'm hanging on in hope. It's a poor strategy generally but given the brightening picture in the index, I think I'll get out of these positions for better prices that I'm seeing today.
4.25 pm I'm trying to stick to weekly trading but Galaxy is pretty interesting. It has held support at the same level 3 times and now looks to be reversing.
The market held well to finish 20 points higher and above 5800 at 5809. My large caps did ok though the smalls didn't really join the party. If this rally gains momentum then I expect them to do so.
The new small cap longs are ok but I'm getting a little hurt on the older ones where I'm hanging on in hope. It's a poor strategy generally but given the brightening picture in the index, I think I'll get out of these positions for better prices that I'm seeing today.
4.25 pm I'm trying to stick to weekly trading but Galaxy is pretty interesting. It has held support at the same level 3 times and now looks to be reversing.
The market held well to finish 20 points higher and above 5800 at 5809. My large caps did ok though the smalls didn't really join the party. If this rally gains momentum then I expect them to do so.
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