Proxy war
1.06 pm The bond proxies are under pressure as rates in the US continue to edge higher and although there's some support for resources and banks and financials are holding, the overall market is 20 points lower.
My main overnight position was a long in MIN and a hedge in AGL. MIN is up close to 1% while AGL is also higher but only by 0.3%. The small caps are flat again and the short term long in Myer has dipped a cent.
It's the turn of Treasury Wine Estate to sit in the naughty corner as concerns about a glut of their low end wines is emerging. The stock is down 6% though it was down more than double that earlier.
3.36 pm The lithium stocks are on the move again and I've bought some Pilbara and Tawana for the small cap book. Pilbara has traded through 95 - only just - breaking an extremely tight range that's held between 90 and 95 for almost a month.
I sold the balance of the NWH at 130 to make room though I decided to keep the MYR for another day as it has congested near yesterday's closing high.
4.32 pm The index trimmed the losses towards the close as it finished down 13 points at 6094. MIN eventually rose 55 cents or 2.8% to 2000 and I'm holding it for at least another day. I cut the short in AGL which rose 17 to 2151 and replaced it with a short in SGP as I think the sell off in bond proxies is likely to continue. I added another lithium exposed stock in the large caps, buying Galaxy Resources at 336. It broke through recent highs and I'm hoping for a push towards previous highs around 355.
The small cap book was flat again although I'm hopeful for tomorrow with PLS and Tawana a good chance of running.
My main overnight position was a long in MIN and a hedge in AGL. MIN is up close to 1% while AGL is also higher but only by 0.3%. The small caps are flat again and the short term long in Myer has dipped a cent.
It's the turn of Treasury Wine Estate to sit in the naughty corner as concerns about a glut of their low end wines is emerging. The stock is down 6% though it was down more than double that earlier.
3.36 pm The lithium stocks are on the move again and I've bought some Pilbara and Tawana for the small cap book. Pilbara has traded through 95 - only just - breaking an extremely tight range that's held between 90 and 95 for almost a month.
4.32 pm The index trimmed the losses towards the close as it finished down 13 points at 6094. MIN eventually rose 55 cents or 2.8% to 2000 and I'm holding it for at least another day. I cut the short in AGL which rose 17 to 2151 and replaced it with a short in SGP as I think the sell off in bond proxies is likely to continue. I added another lithium exposed stock in the large caps, buying Galaxy Resources at 336. It broke through recent highs and I'm hoping for a push towards previous highs around 355.
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