Short term buy signal for the ASX 200
11.49 am The daily chart for the top 200 index was shaping up bullishly on Friday and there had been a higher low following Thursday's pop up. A decent early move has confirmed that strength and given a tentative buy signal. I would be more comfortable if the sell off had been deeper - perhaps to 5900-5950 range - but the short term direction is higher.
My positions are performing reasonably well with resource stocks continuing to bounce while banks are more muted. My only problem position is a short in Magellan where the stock has jumped 1.6%.
The small caps started well but a couple of sharp little sell offs have taken me back to square for now. Best of the bunch is Zip Money, up 5 to 91.5 and starting to gather some momentum.
1.27 pm I bought some Nanosonics on Friday at 269. I had to steel myself as I haven't had the best time with this stock but the chart was excellent. Anyway, it's confirming Friday's tentative break and has had a solid run to 276. A rudimentary scan gives me a target around 290.
4.29 pm It looked as if there was a portfolio on the close and although it seemed to be market neutral it tended to bid up resources and sell down financials so it suited me. I sold a tiny bit of NAN (at 282 on a late push), NST and WHC and bought a little MFG back as it ended down on the day.
A new long is Costa Group which is pushing out of a range that had held the price for about 3 months. Long at 783 and it finished at the day's high of 788. I don't really have a target, I'll just hold until the momentum fades.
The large caps did well and although the small cost a little, I wasn't concerned about the ones that eased back, it seemed more like consolidation to me.
I put on a momentum trade in uranium minnow Bannerman at 5. If I'm lucky it might kick from half a cent to a cent tomorrow.
The small caps started well but a couple of sharp little sell offs have taken me back to square for now. Best of the bunch is Zip Money, up 5 to 91.5 and starting to gather some momentum.
1.27 pm I bought some Nanosonics on Friday at 269. I had to steel myself as I haven't had the best time with this stock but the chart was excellent. Anyway, it's confirming Friday's tentative break and has had a solid run to 276. A rudimentary scan gives me a target around 290.
4.29 pm It looked as if there was a portfolio on the close and although it seemed to be market neutral it tended to bid up resources and sell down financials so it suited me. I sold a tiny bit of NAN (at 282 on a late push), NST and WHC and bought a little MFG back as it ended down on the day.
A new long is Costa Group which is pushing out of a range that had held the price for about 3 months. Long at 783 and it finished at the day's high of 788. I don't really have a target, I'll just hold until the momentum fades.
I put on a momentum trade in uranium minnow Bannerman at 5. If I'm lucky it might kick from half a cent to a cent tomorrow.
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