Gold joins the party
12.53 pm It's quite a typical Friday with some reversals of the thrust of the week's action. There was an early sell off in the yield stocks though most are back to square. In contrast the resources are largely under pressure, I thought the weakness might ease. The XJO is down 6 having rallied from down 20 odd. US 10 year notes slipped below 3 to 2.98% and I was hoping gold might start to move and it did jump a percent or so, helping the local miners to have a decent bounce. I had a couple of longs in NST and Saracen. I sold the NST early on a gap of 3% to 634 and I'm holding the Saracen. MIN is weaker again and I've just about cut in a trade that has cancelled out quite a few gains elsewhere. The small caps are pretty flat with the best performer being Titomic. I bought yesterday at 272 and it's up to 287 with an intraday high of 298 which was a technical break. I'm hoping there'll be a strong day on Monday with the hope of exiting on Tuesday.
1.26 pm Lithium stocks are stinking out the joint again and I'm looking at MIN which I now realise has a potential head and shoulders top on the weekly chart. I was so keen to see a run at the old high that I missed it completely. First of all the weekly low was a touch lower than the December 2017 low then the rally stalled at the penultimate high from when it was on the way up. So, I should be assuming it's in a downtrend now and looking for possible short sale opportunities.
3.45 pm Small caps are doing pretty well, I got out of lithium plays Tawana and Talga for 42.5 and 80 respectively for a small loss. I've added longs in Blackmore and Westgold. BKL has been building a base and broke out today. I'm looking for a continuation of the surge on Monday. Long at 13690.
4.25 pm The small caps did quite well by the end of the day while it was a small loss in the large caps which was ok given the fiasco that was my misguided MIN long. The index closed down 4 points to end at 6033.
A new large cap long was Sydney Airports. I was long it yesterday intraday but held none overnight due to the AGM today. I bought back early at 715 and kept most as it closed at 725. It's running now and I'm looking for a strong day on Monday.
1.26 pm Lithium stocks are stinking out the joint again and I'm looking at MIN which I now realise has a potential head and shoulders top on the weekly chart. I was so keen to see a run at the old high that I missed it completely. First of all the weekly low was a touch lower than the December 2017 low then the rally stalled at the penultimate high from when it was on the way up. So, I should be assuming it's in a downtrend now and looking for possible short sale opportunities.
4.25 pm The small caps did quite well by the end of the day while it was a small loss in the large caps which was ok given the fiasco that was my misguided MIN long. The index closed down 4 points to end at 6033.
A new large cap long was Sydney Airports. I was long it yesterday intraday but held none overnight due to the AGM today. I bought back early at 715 and kept most as it closed at 725. It's running now and I'm looking for a strong day on Monday.
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