Anti penultimate
12.16 pm The market is somewhat occupied with the approaching end of financial year and it's particularly noticeable in the small caps. Overall, the ASX 200 is 5 points lower at 6192 with most sectors little changed. The oils are an exception with a rally of 1.5 to 2% on a good oil price rise overnight.
Regarding my overnight positions, NWH has recovered from early softness to be up slightly. LNK was upgraded by one broker, quite agressively, so I was worried about a squeeze there. It hasn't been too bad with an early push to 733 having faded and the stock now 8 cents higher at 724. I'm looking for a move below 680 and I'd be concerned if it rallied through 750.
I thought that Aristocrat was due to retest the high at 3200 as the pattern looked incomplete to me. I bought some this morning at 3048 as it recovered from some minor early weakness. So far, it has pushed on to confirm the short term signal and is currently up 79 at 3138.
Talking of incomplete patterns, Afterpay looks to me as if it might have completed a short 3 wave correction which could be a harbinger of a push back to 950.
4.17 pm The index fell 2 points as we continue in consolidation mode following last week's surge. I expect another few days of it at least. Aristocrat did well and finished at 3152. I sold a few of the NWH at 163.5 as I was late into this. I had to cut the LNK as it gained strength. I was out at 738 and it finished at 742. A new long is RIO. I think the correction is complete, support has held above 8100 and there was a hint of a reversal today.
I did buy some Afterpay in the small caps at 894 as well as selling a little SFH at 104. The other new long is Titomic at 255 just before the close. It was bid up into the match and finished at 262, firming up the chances of a new drive higher.
Regarding my overnight positions, NWH has recovered from early softness to be up slightly. LNK was upgraded by one broker, quite agressively, so I was worried about a squeeze there. It hasn't been too bad with an early push to 733 having faded and the stock now 8 cents higher at 724. I'm looking for a move below 680 and I'd be concerned if it rallied through 750.
I thought that Aristocrat was due to retest the high at 3200 as the pattern looked incomplete to me. I bought some this morning at 3048 as it recovered from some minor early weakness. So far, it has pushed on to confirm the short term signal and is currently up 79 at 3138.
4.17 pm The index fell 2 points as we continue in consolidation mode following last week's surge. I expect another few days of it at least. Aristocrat did well and finished at 3152. I sold a few of the NWH at 163.5 as I was late into this. I had to cut the LNK as it gained strength. I was out at 738 and it finished at 742. A new long is RIO. I think the correction is complete, support has held above 8100 and there was a hint of a reversal today.
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