Approaching a standstill
12.24 pm Markets rose in a buy on fact reaction to the trade sanctions and the momentum has flowed through to today, at least at the open, but that is fading now and early gains of close to 30 points have been trimmed to 12.
BHP has done well for me with a rise of 62 to 3377 and I've sold out at 3380. My take is that this will continue to rally with a reasonable short term projection around 3500. However, this is a short term trading book for the moment so 2% in a big dollar stock was enough.
I thought seriously about buying Iluka on Friday afternoon. It's an interesting pattern with a strong reversal followed by two narrow range days at the top of the two day turnaround range. It's often a good short term spot to pick up the next surge.
3.47 pm It has been a quiet day with little change over the last few hours. A new overnight long is Aristocrat. This has been congesting above 3000 and while it is still in a range it seems to be pushing up out of a pennant with a daily buy signal forming today.
The small cap book is quiet though Blackmores is firm again having eased back on Friday afternoon. I'm planning to add some on the close. I sold half the CAN at 312 and will sell the rest on the close as it failed to fire today. Looks like being about square. Mesoblast is a new long. It has been forming a very strong base and is still in the range but, much like ALL, there's a buy signal within that range and a break of 160 might lead to a short squeeze.
4.22 pm It just trickled along till the close, up 14. There were some nice rebounds in Asia though that might signal rotation out of the ASX 200 so I'll see what tomorrow brings.
BHP has done well for me with a rise of 62 to 3377 and I've sold out at 3380. My take is that this will continue to rally with a reasonable short term projection around 3500. However, this is a short term trading book for the moment so 2% in a big dollar stock was enough.
I thought seriously about buying Iluka on Friday afternoon. It's an interesting pattern with a strong reversal followed by two narrow range days at the top of the two day turnaround range. It's often a good short term spot to pick up the next surge.
3.47 pm It has been a quiet day with little change over the last few hours. A new overnight long is Aristocrat. This has been congesting above 3000 and while it is still in a range it seems to be pushing up out of a pennant with a daily buy signal forming today.
4.22 pm It just trickled along till the close, up 14. There were some nice rebounds in Asia though that might signal rotation out of the ASX 200 so I'll see what tomorrow brings.
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