I'll have the same again thanks
11.58 am Another morning of stodgy gains on the ASX with a rise of 13 to 6132. This week I've been zigging when I should be zagging and today is not very different. PTM is down 10 while Pendal and Perpetual in the same sector are up 4.7% and NEC is also the laggard versus SWM. The small caps are flat too after Doray surged early but eased back.
4.34 pm The index faded to close down a couple of points. I had a poor week in the large caps, it was only a minor loss but each day seemed to have missed opportunities. I lost 7% on Platinum on Monday and Friday combined despite the stock being up over 4% for the week. I've cut my overnight positions to one trade but I put on three longer term positions that I hope to hold for two weeks unless stopped out beforehand. I've been trading this way in my super fund for a while and find it reasonably profitable and a lot less stressful. My main concern is that the market looks ready for a pullback in the short term after a good 4 or 5 weeks. However most markets globally look very good so I'm hoping we'll go sideways and the better stocks will do ok. One of the weekly longs is Fortescue. It made a buy signal last week but I was hesitant in case it was a corrective rally. It broke through 486 resistance this week and finished well without running too hard. Long at 494 and the early 2018 highs were around 540 so that's a target.
I made something back in the small caps this week and here also I'm transitioning to weekly positions and trying to limit myself to one overnight trade. One of these weekly positions is Doray Minerals which I put on yesterday as a short term trade before I realised that the bigger picture looks very good so I decided to keep it. The company has been developing a new mine for a while and it's finally coming good. The chart tells the typical story of excitement about a discovery and a long fade as the reality of developing a mine took all the wind out of the sails. There's a good break of a 5 month trading range. Long at 33.5 and it gained a cent today to close at 34.5. I'm hoping it can get to the low 40s.
4.34 pm The index faded to close down a couple of points. I had a poor week in the large caps, it was only a minor loss but each day seemed to have missed opportunities. I lost 7% on Platinum on Monday and Friday combined despite the stock being up over 4% for the week. I've cut my overnight positions to one trade but I put on three longer term positions that I hope to hold for two weeks unless stopped out beforehand. I've been trading this way in my super fund for a while and find it reasonably profitable and a lot less stressful. My main concern is that the market looks ready for a pullback in the short term after a good 4 or 5 weeks. However most markets globally look very good so I'm hoping we'll go sideways and the better stocks will do ok. One of the weekly longs is Fortescue. It made a buy signal last week but I was hesitant in case it was a corrective rally. It broke through 486 resistance this week and finished well without running too hard. Long at 494 and the early 2018 highs were around 540 so that's a target.
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