Airlines in favour
1.30 pm The drop in oil, which seems as if it could have some legs to it, obviously benefits transport stocks, particularly airlines. Overseas listings have been rallying but Qantas is finally joining the party. I've been long for about a week and it looks ready to, sorry, take off.
The index has rallied 11 points as 6000 provides some support. My book is net square and is little changed profit wise as gains and losses match out. The same goes for the small caps where a quick profit I took in APO is cancelled out by a similar sized drop in Kogan. I dumped a momentum long in CLA for square as it stalled and bought some Zip Money at 85. I believe they are featured in an investment conference and the buying looks to have started already. There's been a long slow correction but support has held quite well.
3.04 pm Still not happening today although QAN is up to 644. Interestingly, some of the new economy stocks are under pressure today. I had to scramble out of small balances of longs in CTD and XRO left over from yesterday and have just shorted some Altium as they break lower out of a congestion following the first leg down from a new high that has quite a 5th wave look about it. Short at 2037.
4.25 pm It never came together today with good results in LLC and QAN matched by little costs here and there. I'm slightly long tonight with a few small longs in lithium including Galaxy which did a very good deal with Posco, selling some spare tenements for $350 million AUD when the market cap is $1.2 billion. These stocks are massively shorted so they could also be shoved back down hence the small position size.
The small caps cost me a little bit today. I sold existing positions well, getting out of APO and CLA as they were quick momentum trades, BKL as it stalled, selling at around yesterday's closing level and TTT on a stall at 295 and KGN as it failed to hold and before it dumped further, though it still cost. The issue was the buying. It's generally best to be patient but I rushed in to Zip Money and paid the price as it closed at 81. Cobalt Blue was better as I waited till near the close and paid 126. It's a traders' plaything and looks ready to run after a classic pullback and a couple of higher lows now.
3.04 pm Still not happening today although QAN is up to 644. Interestingly, some of the new economy stocks are under pressure today. I had to scramble out of small balances of longs in CTD and XRO left over from yesterday and have just shorted some Altium as they break lower out of a congestion following the first leg down from a new high that has quite a 5th wave look about it. Short at 2037.
4.25 pm It never came together today with good results in LLC and QAN matched by little costs here and there. I'm slightly long tonight with a few small longs in lithium including Galaxy which did a very good deal with Posco, selling some spare tenements for $350 million AUD when the market cap is $1.2 billion. These stocks are massively shorted so they could also be shoved back down hence the small position size.
The small caps cost me a little bit today. I sold existing positions well, getting out of APO and CLA as they were quick momentum trades, BKL as it stalled, selling at around yesterday's closing level and TTT on a stall at 295 and KGN as it failed to hold and before it dumped further, though it still cost. The issue was the buying. It's generally best to be patient but I rushed in to Zip Money and paid the price as it closed at 81. Cobalt Blue was better as I waited till near the close and paid 126. It's a traders' plaything and looks ready to run after a classic pullback and a couple of higher lows now.
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