PFP
12.14 pm Priced for perfection. A2M is down 15% on sales growth that while very strong, was less than expected. I'm annoyed with myself because in truth, the chart was a little marginal compared to a couple of alternatives I might have taken. Otherwise, the market has bounced back 27 points despite US 10 year bonds surging to 3.08% on strong retail sales. Apart from A2M and some spillover into Bellamy's, the rise is quite broad based. Golds are an exception with the USD price dropping below 1300 though it's mitigated to some extent by AUD weakness.
The small cap book is mixed but higher and I've sold half the NWH at 129.5 for a small gain.
2.36 pm I sold the A2M at 1042 after a rally from 972 to 1064 started to roll over. I still have longer term positions in FMG and PGH but it seems that every time I try to do this in my active book, I have problems. I don't have any issues with the same strategy in my super fund but somehow the timing feels uncomfortable in the shorter term structure. I'm going to try to stick with it in the small caps especially as these are quite small positions. I'm also thinking of leaving it to one position in the large caps and, even then, being a little more willing to trade around it.
For an overnight long position, I like MIN here. I think it may have completed the correction from the run up a couple of weeks back and be ready to test 2100.
4.25 pm MIN finished reasonably well and I bought at 1944, slightly better than the 1945 finish. I shorted AGL as cover having closed out the SYD short which didn't do much today.
The small caps were flat to up today and I didn't do much except to add some Myer at the last sale price of 43.5 as they rallied on a better than expected quarterly. I'm just looking for another day up.
The index faded towards the close to post a modest 9 point gain though it did retake the 6100 level with the close at 6107. The significant number is 6150 and a break of that would squeeze a few shorts but I think it's unlikely.
The small cap book is mixed but higher and I've sold half the NWH at 129.5 for a small gain.
2.36 pm I sold the A2M at 1042 after a rally from 972 to 1064 started to roll over. I still have longer term positions in FMG and PGH but it seems that every time I try to do this in my active book, I have problems. I don't have any issues with the same strategy in my super fund but somehow the timing feels uncomfortable in the shorter term structure. I'm going to try to stick with it in the small caps especially as these are quite small positions. I'm also thinking of leaving it to one position in the large caps and, even then, being a little more willing to trade around it.
For an overnight long position, I like MIN here. I think it may have completed the correction from the run up a couple of weeks back and be ready to test 2100.
The small caps were flat to up today and I didn't do much except to add some Myer at the last sale price of 43.5 as they rallied on a better than expected quarterly. I'm just looking for another day up.
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