Sleepy Friday
12.23 pm May the Fourth be with you! It's not with the market today though as it chops back 22 points after a super strong week till now. It's holding the short term trend on the 30 minute chart with today's action looking like a standard correction so I'm continuing to lean to the bull side for Monday. My large caps are ok with Altium up 22 to 2143. I've sold a quarter out at this level but think it could get to 2170 or so today if the market steadies. Platinum has recovered from early weakness to be up 2 and Sandfire is the opposite story but only down 2 cents.
No joy in the small caps with the overall picture flat to down. The worst performer is Starpharma which is chopping back after its big run yesterday, down 4 to 128.5 at present.
2.41 pm The small cap longs are all in the black now. The best of them is a miner/explorer called Global Geoscience. I almost left this alone despite a good signal because junior miners have been under heavy pressure since the turn of the year and a lot of buy signals have fizzled out. This one has turned out well with a jump from 46 to 49.5 on very good volume.
The overall market is just off its lows but still down 32 to 6066.
4.43 pm The index ground lower to close at 6063 which was off 35 points and close to the day's lows. It seemed like more of an inside day so my guess is Monday pushes higher. My large caps were slightly negative today though not by much. I sold ALU at 2139 and SFR at 826 while I kept PTM which dipped a cent. I've added two new longs in FXJ and REA and one short in SGP. Fairfax is rumoured to be merging with Seven West Media. They burst higher on Wednesday and held tightly at the top of this range for the last two days, it's a decent indicator of more to come.
The small caps did well today. I held APT, APX and BAL and sold GSC for 49.5 and SPL for 138.5. Starpharma retraced early but finished with a gain of 6 cents which I was happy to take as it was the second day move after a surge on news and the risk/reward won't be so good now. I bought two smaller positions in the resource sector via mining services company EHL and coal miner UNV. Universal Coal ran on good volume and closed at a high without looking too stretched. Long at 24 and I'm really just looking for a one day move as I'm wary of this sector.
No joy in the small caps with the overall picture flat to down. The worst performer is Starpharma which is chopping back after its big run yesterday, down 4 to 128.5 at present.
2.41 pm The small cap longs are all in the black now. The best of them is a miner/explorer called Global Geoscience. I almost left this alone despite a good signal because junior miners have been under heavy pressure since the turn of the year and a lot of buy signals have fizzled out. This one has turned out well with a jump from 46 to 49.5 on very good volume.
4.43 pm The index ground lower to close at 6063 which was off 35 points and close to the day's lows. It seemed like more of an inside day so my guess is Monday pushes higher. My large caps were slightly negative today though not by much. I sold ALU at 2139 and SFR at 826 while I kept PTM which dipped a cent. I've added two new longs in FXJ and REA and one short in SGP. Fairfax is rumoured to be merging with Seven West Media. They burst higher on Wednesday and held tightly at the top of this range for the last two days, it's a decent indicator of more to come.
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