Challenging
11.59 am Fear won the arm wrestle versus greed yesterday and I went for the conservative choice in Clydesdale rather than staying in MIN or OZL or going for Challenger which I was very tempted by. The upshot is that I'm having another good day but the opportunity cost is a little disappointing especially in CGF which is up 7.5%. Hey ho, it's always like that.
The market is still roaring higher and we're knocking on the door of 6100 at 6097, a leap of 47 points. Altium is the best of my longs, up 2.7%.
In the small caps I sold out of Kidman at 214. I gave this an extra half day after it finished well at 212. It's slipped back to 211. I also sold Pilbara which I've held for about a month in this book. Out for a tiny profit at 93.5 having watched it go down to 80. Not smart trading but an ok result compared to the worst case. SEA was the other sale here at 6.2 after buying at 6.4 and finding there's still too much of a stock overhang for this to go anywhere. I'm left with Appen, Clover and Metals X in this portfolio. All of these are up in the range 1.5 to 2.5%.
1.56 pm I bought some CLV at 128 on the close as it had two days right at the top of a spike to new highs, a good sign that some continuation is due. This company is exposed to the food/supplements to China business. The risk is a spike and a big reversal which I thought could happen after the early surge to 140. At this point it seems ok but I'll be getting out at the close.
Appen is gathering momentum through the day and it may be worth holding overnight again as it hasn't really taken off yet but the shape of the chart indicates it could.
4.27 pm The ASX 200 index closed up 48 and just short of 6100 at 6098. I had a pretty good day and kept the Altium but sold out of CYB and DHG both of which outperformed the market but other possibilities went better. I tried again with Platinum as it cracked the little congestion and I'm looking for a move to 600 or more if there's continuation. There's been an overreaction to Kerr Neilson taking a step back, he's still heavily involved and it's a team with a method rather than a star stockpicker. The weekly has turned up solidly too.
I also added Sandfire, it's trending well and has lagged OZL the last two days. If the base metal rally lasts another day or so it can do well tomorrow.
Clover did reverse and I got out for a 1.5 cent loss at 126.5 with the stock closing at 125. I also sold MLX for a 3 cent gain and 40% of the APX at 1050 versus a buy price of 969. That left me with only one position here so I felt free to add 4 more in APT, BAL, GSC and SPL. Afterpay has been correcting since early Jan with some wide swings. There's a higher low in place now on the daily and the weekly and a trend change. Long at the closing price of 620.
The market is still roaring higher and we're knocking on the door of 6100 at 6097, a leap of 47 points. Altium is the best of my longs, up 2.7%.
In the small caps I sold out of Kidman at 214. I gave this an extra half day after it finished well at 212. It's slipped back to 211. I also sold Pilbara which I've held for about a month in this book. Out for a tiny profit at 93.5 having watched it go down to 80. Not smart trading but an ok result compared to the worst case. SEA was the other sale here at 6.2 after buying at 6.4 and finding there's still too much of a stock overhang for this to go anywhere. I'm left with Appen, Clover and Metals X in this portfolio. All of these are up in the range 1.5 to 2.5%.
1.56 pm I bought some CLV at 128 on the close as it had two days right at the top of a spike to new highs, a good sign that some continuation is due. This company is exposed to the food/supplements to China business. The risk is a spike and a big reversal which I thought could happen after the early surge to 140. At this point it seems ok but I'll be getting out at the close.
4.27 pm The ASX 200 index closed up 48 and just short of 6100 at 6098. I had a pretty good day and kept the Altium but sold out of CYB and DHG both of which outperformed the market but other possibilities went better. I tried again with Platinum as it cracked the little congestion and I'm looking for a move to 600 or more if there's continuation. There's been an overreaction to Kerr Neilson taking a step back, he's still heavily involved and it's a team with a method rather than a star stockpicker. The weekly has turned up solidly too.
Clover did reverse and I got out for a 1.5 cent loss at 126.5 with the stock closing at 125. I also sold MLX for a 3 cent gain and 40% of the APX at 1050 versus a buy price of 969. That left me with only one position here so I felt free to add 4 more in APT, BAL, GSC and SPL. Afterpay has been correcting since early Jan with some wide swings. There's a higher low in place now on the daily and the weekly and a trend change. Long at the closing price of 620.
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