Stick with the strength
12.07 pm The market is up 0.5% after good leads from Wall Street and no acceleration in inflation. It's a losing start for my large cap book though as I held a recovering stock in Platinum rather than shifting into a clearly strong stock like Lynas which I was considering or even holding Altium for another day. It's tempting to punt on these kind of charts because the moves can be large but the risk/reward is much better in strong stocks.
The details are that Magellan reported some net outflows this morning for last month and despite posting reasonable portfolio gains which more than compensated, MFG is 2.2% lower. Platinum has been sold down 2.1% despite having a markedly different and more prospective portfolio with a significantly lower weighting in the underperforming NASDAQ stocks. So the logic may be askew but it's reasonable to expect PTM will also report outflows for April in the next day or so despite performance for the month of around 3% in their largest fund. It just shows that it's silly to apply logic when you're trading in my time frame if the chart is not supportive.
At least FXJ and REA are up a bit.
The small caps have saved the day with Appen the best performer with a rise of 3.4% to 1097. I'm out of a third of my long balance at 1092.
3.40 pm I've done work on whether I'm better off selling intraday or waiting for the close and I usually find I'm better off waiting but today is one of those days I felt would be sell on open and I've missed some nice opportunities to take profits and limit losses. Platinum is the worst, it's kept falling all day and is now down 28 cents. It's performed much worse than Magellan and we're yet to see whether PTM actually had outflows or not.
4.36 pm An irritating day, I expected an early high then some selling but had the wrong book and couldn't decide whether to cut or wait. Out of the large cap longs and although I think we're now in consolidation mode, I couldn't really see any compelling shorts so simply bought fewer of the new longs than I usually would. The new positions are BSL, ILU and LYC. Lynas was a hard one to take because I almost bought on Friday afternoon. However, today's action was super strong and indicated the recent breach of resistance around 264 wasn't just going to a marginal new high but is more likely the start of another drive upwards.
The small caps eased off with the market, especially BAL which reversed from an early high of 2045 to close at 1950. I'm out of everything, including Appen, which was the best performer as it rose to 1100. I took four new longs in AX1, CGC, CKF and SEA..again. Collins Food or CKF, rose strongly on reasonable volume and made a buy signal on the daily and weekly scales. Long at the closing price of 552. It's in a long trading range but has rallied cleanly from the lows of that range and reports later this month so there may be some positioning ahead of that report.
The details are that Magellan reported some net outflows this morning for last month and despite posting reasonable portfolio gains which more than compensated, MFG is 2.2% lower. Platinum has been sold down 2.1% despite having a markedly different and more prospective portfolio with a significantly lower weighting in the underperforming NASDAQ stocks. So the logic may be askew but it's reasonable to expect PTM will also report outflows for April in the next day or so despite performance for the month of around 3% in their largest fund. It just shows that it's silly to apply logic when you're trading in my time frame if the chart is not supportive.
At least FXJ and REA are up a bit.
The small caps have saved the day with Appen the best performer with a rise of 3.4% to 1097. I'm out of a third of my long balance at 1092.
3.40 pm I've done work on whether I'm better off selling intraday or waiting for the close and I usually find I'm better off waiting but today is one of those days I felt would be sell on open and I've missed some nice opportunities to take profits and limit losses. Platinum is the worst, it's kept falling all day and is now down 28 cents. It's performed much worse than Magellan and we're yet to see whether PTM actually had outflows or not.
4.36 pm An irritating day, I expected an early high then some selling but had the wrong book and couldn't decide whether to cut or wait. Out of the large cap longs and although I think we're now in consolidation mode, I couldn't really see any compelling shorts so simply bought fewer of the new longs than I usually would. The new positions are BSL, ILU and LYC. Lynas was a hard one to take because I almost bought on Friday afternoon. However, today's action was super strong and indicated the recent breach of resistance around 264 wasn't just going to a marginal new high but is more likely the start of another drive upwards.
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