Another day, another bomb

12.28 pm A nice bounce back in the ASX 200 with a lift of 44 points to 6259. Unfortunately, for the 4th day in a row, I have a long that's being slammed out of the blue. A2M is down 4% after an update that, while good, was a little disappointing in terms of costs. I think it's quite technical, I expect it's going to flick past yesterday's low and then the selling will dry up. It's happened over the last few days in quite a few stocks, especially ones with a good underlying trend.
For example, Appen swung lower yesterday and early today to form a corrective 5 wave pattern. The stock is in a nice trend and that seems to be enough. I bought at 1224 and it has kept bouncing, currently 1252.

The small cap book is having another good day. Reliance Worldwide opened strongly and touched 572. I sold a quarter of my long at 570. Mimicking the action about 6 days ago, it has struggled to hold the gains and is now up 8 at 555. I do like the chart still but the reasonably quick move to 600 seems less likely now because sellers appear every time the stock pushes higher. There was a big issue recently so I suppose there is plenty of supply. There's also a lot of enthusiasm for the stock and the arm wrestle continues.

2.02 pm Costa Group has sold off from 9 bucks to 750 and is rolling up from prior support. Long at 777.

4.23 pm A late sell off only trimmed the gains and the ASX 200 closed up 53 at 6268. APX and CGC finished solidly at 1243 and 785 respectively. Resolute slipped a cent but looks to be completing the retracement. Zip Money was the star in the small caps, it rose 5.5 to 101.5. It's a strong range break so I'm hoping for a couple more driving days.