Variations on a Theme
1.36 pm Good leads overnight but indigestion remains after the point feast last week and the market duly sold off from a strong start. It's currently sitting up 11 points at 6619 having made an intraday peak of 6145. US markets look clearly bullish to me now having regained their 50 day moving averages and with higher lows in place but it's hard going from here for the Australian market with no enthusiasm to take it to new highs.
My overnights are mildly positive in both books and I've taken a bit off here and there. I got out of half the Afterpay at 626 but it's back to my entry point around 698. I cut the CGC which pushed then rolled back while the best is Sundance, up 0.6 to 7.6.
3.48 pm I'm winding back position size since stocks are tending to reverse given the short term exhaustion. It's been flat to slightly up for me in the large caps with the smalls doing better thanks to SEA and an early pop in APT.
In the large caps, I'm holding PTM and I'm already out of BXB for a tad below square and NXT for a few cents my way. I'm adding a long in Nine Entertainment, probably at 241 or thereabouts on the match. I'm looking for a resumption of the rally after a brief pullback with a break of yesterday's high being the signal.
4.25 pm It would make more sense to sell the open and do something else. The index closed up 11 at 6119 and most stocks faded. I had an ok day, mildly profitable.
I sold the last of the APT at 700 and bought DRM and SXY in the small caps. Senex Energy is an Australian based oil and gas play and is running with the sector. Long at the closing price of 46 and it's just a momentum play but the strong finish is encouraging for tomorrow and today's action confirmed a weekly break.
My overnights are mildly positive in both books and I've taken a bit off here and there. I got out of half the Afterpay at 626 but it's back to my entry point around 698. I cut the CGC which pushed then rolled back while the best is Sundance, up 0.6 to 7.6.
3.48 pm I'm winding back position size since stocks are tending to reverse given the short term exhaustion. It's been flat to slightly up for me in the large caps with the smalls doing better thanks to SEA and an early pop in APT.
In the large caps, I'm holding PTM and I'm already out of BXB for a tad below square and NXT for a few cents my way. I'm adding a long in Nine Entertainment, probably at 241 or thereabouts on the match. I'm looking for a resumption of the rally after a brief pullback with a break of yesterday's high being the signal.
I sold the last of the APT at 700 and bought DRM and SXY in the small caps. Senex Energy is an Australian based oil and gas play and is running with the sector. Long at the closing price of 46 and it's just a momentum play but the strong finish is encouraging for tomorrow and today's action confirmed a weekly break.
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