Summit distractions
12.13 The market is focussing on the US, North Korea summit after the fiasco of the G7 and turnover is light with some buying of industrials and selling of resources. It's desultory trading and I struggle to see the relevance of either of the summits.
My large cap book has swung from positive to negative but the small caps are doing well with Bubs confirming Friday's strong finish with a jump to 90.5 from 85.
In the large cap sector, the renamed Atlas Arteria, formerly known as Macquarie Atlas, is showing good signs after a sharp pullback. I'll buy some on the close if it finishes well.
1.21 pm In a similar vein to the ALX trade, I bought DOW on Friday and it is confirming the potential turnaround with a jump of 1.5% to 702. I'm hoping for a few strong days now to take it close to or higher than 740.
3 pm It's quite a rotational market and I have plenty of potential long and shorts. I've been watching the resource sector (ex oils) roll over for a couple of trading days but hesitated. I don't think it's too late though and WSA is an example of a possible short. It raced up quickly and these parabolic moves can also sell off quickly. The risk is a more elaborate topping out pattern.
4.34 pm The ASX 200 finished 9 points higher at 6054. I couldn't short either of IGO or WSA so contented myself with some BHP. In the small caps I bought Blackmores as it resumed after a retracement. Long at the closing price of 14780.
I'm mildly bullish for the next couple of days after the index broke higher last Thursday and has had two inside days since then towards the high of that break.
Both books made a profit by the close of trade.
My large cap book has swung from positive to negative but the small caps are doing well with Bubs confirming Friday's strong finish with a jump to 90.5 from 85.
1.21 pm In a similar vein to the ALX trade, I bought DOW on Friday and it is confirming the potential turnaround with a jump of 1.5% to 702. I'm hoping for a few strong days now to take it close to or higher than 740.
3 pm It's quite a rotational market and I have plenty of potential long and shorts. I've been watching the resource sector (ex oils) roll over for a couple of trading days but hesitated. I don't think it's too late though and WSA is an example of a possible short. It raced up quickly and these parabolic moves can also sell off quickly. The risk is a more elaborate topping out pattern.
4.34 pm The ASX 200 finished 9 points higher at 6054. I couldn't short either of IGO or WSA so contented myself with some BHP. In the small caps I bought Blackmores as it resumed after a retracement. Long at the closing price of 14780.
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