Sneaking through 6150
1.24 pm The underlying strength in the Aussie market is impressive and despite more weak leads in the resource sector, the ASX 200 has risen as high as 6154 - a new post GFC high - and is holding near that level.
It's a good day for me in the large caps with STO and TWE up and the short in ALQ also performing as it is down 9 at 761. It's also reasonable going in the small caps. I sold the balance of LNG at 52.5 which was better than last night's close. IEL is 10 cents higher and problem position DHG is slightly better at 323.
My assistant was short Boral for a few days and cut it on yesterday's close. I was watching it closely and seeing it form a nice reversal pattern where you get 3 days forming a sort of cup. It's especially good if they're tight, doji style bars. So I could throw this in the One-that-got-away file but I prefer to think of it as a future opportunity. There are plenty of stocks that have done well today but, for example, the banks were pretty hard to take whereas this was a nice clean entry.
2.43 pm There's a similar set up to the Boral one in James Hardie. I've bought at 2198 which runs the risk that it fades towards the close but the break has been made. It looks like an overlapping 5 wave type correction that may be complete.
3.44 pm I'm planning to buy some SDA for the small cap book. It's been in no man's land for a week or two but now seems to be heading back up.
4.23 Bought the Speedcast at 598 and left half the IEL which finished up 18 at 1021. Only other small cap is Domain which recovered 4 to 325 but still below my entry of 329. Think it can get to 335 in the next couple of days and hope to exit there.
I couldn't find any convincing shorts so simply kept half of the ALQ which closed down 4 at 766. I bought half back at 760. I've kept half the long in TWE and all the reduced position size in STO while adding some ALL and TWE. Aristocrat Leisure had a shallow correction after a surge higher and has been slowly pushing back up. I'm looking to pick the acceleration day.
The index posted its second Ricketson in 4 trading days with a rise of 70 points to 6173.
It's a good day for me in the large caps with STO and TWE up and the short in ALQ also performing as it is down 9 at 761. It's also reasonable going in the small caps. I sold the balance of LNG at 52.5 which was better than last night's close. IEL is 10 cents higher and problem position DHG is slightly better at 323.
My assistant was short Boral for a few days and cut it on yesterday's close. I was watching it closely and seeing it form a nice reversal pattern where you get 3 days forming a sort of cup. It's especially good if they're tight, doji style bars. So I could throw this in the One-that-got-away file but I prefer to think of it as a future opportunity. There are plenty of stocks that have done well today but, for example, the banks were pretty hard to take whereas this was a nice clean entry.
2.43 pm There's a similar set up to the Boral one in James Hardie. I've bought at 2198 which runs the risk that it fades towards the close but the break has been made. It looks like an overlapping 5 wave type correction that may be complete.
3.44 pm I'm planning to buy some SDA for the small cap book. It's been in no man's land for a week or two but now seems to be heading back up.
4.23 Bought the Speedcast at 598 and left half the IEL which finished up 18 at 1021. Only other small cap is Domain which recovered 4 to 325 but still below my entry of 329. Think it can get to 335 in the next couple of days and hope to exit there.
I couldn't find any convincing shorts so simply kept half of the ALQ which closed down 4 at 766. I bought half back at 760. I've kept half the long in TWE and all the reduced position size in STO while adding some ALL and TWE. Aristocrat Leisure had a shallow correction after a surge higher and has been slowly pushing back up. I'm looking to pick the acceleration day.
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