Throwing its weight around

12.07 pm The big Australian, BHP, is throwing its weight around...in a good way. It's up a further 1.7% as the swing from support just above 2800 continues to extend. I thought it might go to 3300 but it has surged past that to 3371.

Meanwhile the index is up 13 to 6129 in cagey trading. ANZ and Macquarie are ex dividend so that adds another 6 or 7 points to the score. I'm finally moving my focus more to the weekly charts and my longs in A2M, FMG and PGH are all doing well today.
In the small cap book there's not a lot of change. I sold some Senex at 45.5 for a half cent loss. I'd planned to sell it on Friday afternoon but I missed the match so I waited till this morning to put on a new weekly trade that I'd spotted on Friday. It's a long in IMF Bentham and it made a weekly buy signal after a sharp correction early in the year. I bought at 270 and it's 269 now but it's a better price than Friday's close of 274.

4.22 pm It was a pretty good day in the market with the ASX 200 managing a gain of 19 points. My new weeklies all rose from 1 to 2.3%. A2M is pretty interesting. I thought there was a reasonable buy signal two bars back in a week where the stock made a higher low and then rose above the highs of the two previous weekly bars. Last week was a flat sort of consolidation week and I noticed that this can be quite a nice entry as it implies a fairly neat assimilation of the previous gains. Today's action is not a game changer but a break of last week's high of 1239 would be a daily break and suggest a run towards 1300.

I put on one daily trade to give me something to do. It's a long in WHC and I paid 490 towards the match though it finished lower at 488. This interests me because it has been grinding higher for weeks and today signified a change of tone with a break of resistance at 480. I think it could squeeze sharply higher.

The small cap book was breakeven today. I added the one daily trade towards the close with a long in Select Harvest at 650. This is one I was contemplating buying for the longer term on Friday but I wasn't convinced. Today's action implies another good kick in a stock which is trending nicely.